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Foreclosure Assistance from Short Sale Experts

Are you confused by the world of the short sale?  Could you use assistance by short sale experts who could guide you through this confusing and sometimes stressful process?

A short sale is one option that homeowners who are no longer able to afford their mortgage payments can undertake instead of foreclosure or bankruptcy procedures.  In a short sale, the lender agrees to accept less than the total amount left on the mortgage.  For the short sale to occur the lender must be in agreement, therefore not all properties and sellers will be eligible for a short sale.

If you are in distress with respects to your mortgage, you may want to turn to short sale experts who can help you understand the short sale process including the legal and tax ramifications of this procedure.

Here are the steps short sale experts typically undertake when assisting a homeowner with getting approval for a short sale.

• Call the bank or lender – To get the process started, short sale experts will make many phone calls on your behalf to speak with the individual capable of making the decision to approve the short sale.
• Submit a letter of authorization – Since the short sale experts are working on your behalf, you will have to provide a letter of authorization that states that the lender or bank may disclose your personal information to this third party.  Be sure that the authorization letter includes important information like the loan number, the property address, your name, the date you wrote the letter and the name and details of the short sale expert working on your behalf.
• Hardship letter – You will also have to make your case to the lender as to why they should accept your short sale request.  You need to describe emphatically how you got into your dire financial situation and essentially make a request to the lender to accept less than full payment on your outstanding mortgage. Depending on the person handling your file, you may find that they will be empathetic to your situation particularly if you have employment or medical issues.
• Preliminary net sheet – Your short sale expert will help you complete this form which is an estimated closing statement showing the sale price you are anticipating receiving.  The form must also include the following:
• Unpaid loan balances
• Outstanding payments due
• Late fees
• Real estate commission
• Proof of income and assets – The lender will want an entire picture of your financial situation.  You need to disclose all your assets including retirement savings, savings accounts, stocks, bonds, other real estate etc. 
• Copies of bank statements – Some banks may request to see copies of bank statements.  If there are any unusual transactions, you should explain these line items in detail.
• Purchase agreement – Once you have an offer to purchase in hand, the lender will want to review a copy of the offer. 

Your short sale experts are on hand to help you with every stage of the short sale negotiation process.  If all negotiations are handled professionally and you can put together a compelling case, there is a high probability that the lender will approve your short sale. 

Call 180 Degree Loan Workout today to set up an appointment to speak with one of their qualified short sale experts.