Home Girls: Foreclosure Alternative - The Short Sale, part 4 "How to proceed"

Tuesday, March 27, 2012

Provided by Home Girl Nan Skinner

Foreclosure Alternative: The Short Sale (part 4)

How to proceed with a short sale

Find a qualified REALTOR® experienced in short sales. Short sales are tough to navigate, and they’re further complicated by your loan type—FHA vs. Veterans Administration vs. conventional loans. Real estate agents who specialize in short sales will know the proper steps and order of the steps involved. They’ll also be able to navigate the many parties involved in the process and over-burdened loss mitigation departments. Look especially for agents who have Short Sales and Foreclosure Resource (SFR) Certification, which requires specialized training.

Gather evidence to support your need for a short sale as opposed to a foreclosure. You’ll need to prove that you have little or no equity in your home, you’re behind on your payments, and you’re no longer able to afford your home. You’ll need to write a hardship letter to the lender describing your circumstances, such as a divorce, job loss, illness, death, or other event that has impacted your income.

A short sale can be a time-consuming process, but if you can avoid foreclosure, it’s worth it in the long run.

Previous articles: Part 1, Part 2, Part 3

The Home Girls are real estate brokers who live in our area and contribute information pertinent to Shoreline and Lake Forest Park home owners and home buyers.


0 comments:

Post a Comment

We encourage the thoughtful sharing of information and ideas. We expect comments to be civil and respectful, with no personal attacks or offensive language. We reserve the right to delete any comment.

  © Blogger template The Professional Template II by Ourblogtemplates.com 2009

Back to TOP