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Cameron And Zoraida Foreclosure Help
Free Reports - The Short Sale Process
The short sale process may vary according to your lender´s requirements, but the following information is a general guideline of what you can expect.
1. You must be considered in a distressed state, most often with the home entering the foreclosure process, but many lenders are now willing to negotiate a short sale even if your mortgage payments are current. Proving your financial situation is rapidly deteriorating to your lender may help them reconsider allowing a short sale of your property. Always contact your lender immediately if your financial situation dictates that a short sale or foreclosure situation is imminent.
2. You must gather documents of proof of your financial hardship In order to prove to your lender that you are not able to make your mortgage payments. These documents are similar to those you may have used initially to qualify for your home loan, but this time you are proving that you don´t qualify for the loan. In addition, you must write a letter explaining the cause of your financial hardship. Be honest and be thorough. Your lender is likely to understand the request for a short sale if you are detailed in why you can´t afford your payments when you are descriptive and sincere. These documents, combined with market trend reports, market analysis, and any other useful information that can help your lender decide why your request for a short sale should be granted.
3. If your lender agrees to accept a short sale, you must place your home on the market and provide evidence of a concentrated effort to sell the property at market value. Your lender must receive detailed information about the effort to sell your property, which is another advantage of hiring a qualified REALTOR® to aid in the short sale process.
4. Once you have found a buyer for your home, the purchase contract and other documents are submitted to your lender for approval. The lender may approve of the sale with conditions that the buyer must agree to and meet. If your lender approves the sale, then the sale of your home continues in the same way as any other real estate transaction.
In most instances, your lender will pay almost all of the fees and commissions required by all of the parties involved in the process, leaving you to pay nothing. However, you lender may require you to pay for any back dues owed to a homeowner´s association. In no instance are you allowed to complete a short sale with any form of financial gain or proceeds except as allowed under the Federal Government´s Home Affordable Foreclosure Alternatives (HAFA) program.
We help homeowners use a Short Sale to avoid home foreclosure in Somerset County and Middlesex County New Jersey real estate market.
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