First and foremost, contact your lender. This will aid in future communications by showing your intent to resolve the matter with honesty to satisfy the loan balance on your home to the best of your abilities. Secondly, contact Help for Homeowners. As a local REALTOR® and expert we may be able to recommend both an attorney and accountant to assist you with the activities in the process that requires a practicing law expert. Our team will be an incredible ally in the process, offering guidance and recommendations and ultimately being a key to the success of a short sale.

You should also determine if you will qualify for a short sale by undergoing an analysis of your financial situation. Help for Homeowners will assist in determining if you qualify for a short sale…

An example of some of the documentation that you may be required to provide includes, but is certainly not limited to, the following:

• Letter of Authorization - Lenders will not disclose your personal information without your authorization to do so. With so many parties involved in a short sale, a letter of authorization will aid in cooperation and information sharing. The authorization letter should include the address of the property, the loan reference number, your contact information, the date, and your real estate agent's name and contact information.
  
  
• Preliminary Net Sheet - This is an estimate of the sales price you expect and the expenses associated with the sale of your property, including unpaid loan balances and fees. If you are unsure of how to calculate this information, Help for Homeowners will assist you calculate this information after preparing the CMA for your property.
  
  
• Proof of Income - Bank statements, savings accounts, and information regarding investments, cash, and additional real estate you own, should be provided to your lender. Your lender will require full disclosure of your financial situation in order to determine that your debt is worthy of forgiveness. Any document or evidence you can provide-from receipts for pawned merchandise, diverse papers, copies of any late bills, and more-can be taken into consideration.
  
  
• Comparative Market Analysis (CMA) - When markets decline and property values fall it often affects your ability to sell your home at a price that will satisfy the total loan amount. Proving this information to a lender through a CMA report will show the price of homes similar to yours that are currently on the market, are pending sale, or have been sold in the last six months. Again, Help for Homeowners will provide you with this information.

If you need any help gathering this information, please feel free to contact us at any time!