| A Short Sale Can Stop Home Foreclosure & Save | | | | Once your file has been pre-qualified for a short sale, |
| Your Credit | | | | you will market the property to find a qualified buyer. |
| Nothing is as detrimental to your credit rating as late | | | | This means hiring a realtor and, if you can afford it, |
| mortgage payments and foreclosures. If you have | | | | advertising your property in your local newspaper or |
| fallen behind on your mortgage payments and are | | | | other real estate publications. Remember, you are not |
| facing home foreclosure, you should consider using a | | | | trying to profit from the sale or cover what is owed to |
| short sale to sell your home now and avoid | | | | your lender. You are simply trying to stop home |
| foreclosure. | | | | foreclosure and avoid have a foreclosure on your |
| One of the most common questions that homeowners | | | | credit history by helping your lender recover as much |
| ask is, "can I still sell my home if I am in foreclosure?" A | | | | of the money they loaned you as possible. It is also |
| Short Sale is simply selling your property for less than | | | | important to remember that the foreclosure process |
| what is owed with the permission of your mortgage | | | | can be quite lengthy in some states, so don't give up |
| lender. It is not as complicated as many foreclosure | | | | using a short sale to avoid foreclosure just because |
| advice experts make it sound, and is one of the best | | | | you do not find a buyer immediately. |
| forms of foreclosure help available. There are three | | | | Lastly, once you have found a qualified buyer, you will |
| steps to closing a short sale: short sale pre-qualification, | | | | submit your purchase contract and the buyer's |
| marketing the property, and closing the short sale. | | | | credentials (pre-approval letter or proof of funds to |
| The first step, short sale pre-qualification, is when you | | | | close) to your lender. If your lender accepts the offer, |
| contact your lender and explain that your financial | | | | then the deal is sent to a title company who will |
| situation has changed and you wish to avoid | | | | facilitate the closing of escrow. It is also important to |
| foreclosure by selling your home. Most lenders have a | | | | order any city of point of sale inspections or other |
| short sale application that can be faxed or emailed. | | | | inspections as to avoid delaying your buyer from |
| The application will tell you what documents you will | | | | closing on time. |
| need to gather and submit to your lender in order for | | | | Once you have completed these steps, you will have |
| them to determine if a short sale is an option. Common | | | | stopped home foreclosure and your credit rating will be |
| documents include paycheck stubs, tax returns, | | | | much better, in most cases, than if you had simply |
| hardship letter, and bank statements. These items | | | | done nothing and lost your home through the |
| show your lender that you are not in a position to | | | | foreclosure process. A short sale is a great option to |
| repay the loan. | | | | anyone trying to avoid foreclosure. |