Selling Your Home... when you Owe more than you Own!
Your Realtor or a skilled negotiator works with your existing lender(s) (Loss Mitigation or Workout Department) via a Short Sell offer, once you have located a buyer for your existing home.
Your lender has pre-determined, yet constantly evolving criteria for which Short Sell offers are accepted or rejected.
The negotiations and factors are personal, detailed, complex, and handled case by case.
Certain lenders are more apt to consider a short sell, over other lenders who are more reluctant.
Examples of critical Short Sell components:
Hardship Letter
Budget Letter demonstrating inability to continue payments
Income Documents showing last 90 days of paystubs, tax returns, bank statements, etc.
Signed Sales Contract ~ subject to lender approval
Estimate Settlement Statement (RESPA HUD-1)
Proof of buyers financing
Realtor Documentation (comps) on property, etc.
Lender-specific requirements (Loss Mitigation or Workout Dep't)
