If you are having a hard time keeping up on your mortgage payment, but do not want to file for bankruptcy or have your home foreclosed, you may want to do a short sale.  A short sale means that your lender will accept less than what you owe on your home when you do not have enough equity.  

Not all lenders will approve a short sale and there can be negative effects on your credit for going through with it, but there are also advantages over foreclosure or bankruptcy.  One of these is the ability to buy another home in approximately two years after the short sale compared to the five to seven year period after a foreclosure.
Steps for Selling Your Home via Short Sale
Each lender has its own specific set of requirements, but the steps below can give you a good idea of what you will need to do when selling via short sale.
1. Call your lender.  Ask to speak to the person who is responsible for making decisions regarding short sales.
2. Submit authorization letter.  You will need to send written authorization to enable your lender to disclose your personal information to the other parties involved in the short sale.  This includes real estate agents and the title company.
3. Compile a preliminary net sheet.  This sheet will determine if you need to do a short sale or if a conventional sale would be more beneficial to you.
4. Write a hardship letter.  This is where you tell your lender why you need to do a short sale and ask the lender to accept less than the full payment.
5. Disclose income and assets.  You will be required to tell your lender about your financial situation.
6. Submit recent bank statements.  Your lender wants to make sure there has not been any unusual activity like large cash withdrawals or a large amount of debit card or check purchases.
7. Submit purchase agreement.  When a buyer submits an offer on your home your lender will want a copy to review the terms of the sale.
Following these steps will help you along the way as you put your home up for a short sale.Call Marcello Trolio at 978 to short sale your home.

Marcello Trolio
Custom Realty Solutions
11 Jonathan Rd
Burlington, MA 01803