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Short Sales >2. How to Request a Short Sale
If you are facing foreclosure and are considering selling your home as a short sale as an out, get in touch with a trusted real estate professional immediately. They will be able to assist you in the process of requesting to short sell your home.
Your real estate agent will most likely tell you that some banks will not allow a short sale to happen. Contact your lender’s loss mitigation department and speak with a supervisor. Explain your financial situation and ask if you qualify to sell your home as a short sale.
Ask the supervisor what documents you’ll need to proceed and make copies of those. (Depending on the lender this could be anything from bank statements, tax forms, pay stubs, etc.)
Ask your real estate agent to come up with a comparative market analysis report to show your lender how much the home is worth based on home sales in the area.
Write a letter of financial hardship detailing the reasons you are no longer able to make payments on your home.
When you’ve completed all the aforementioned necessary paperwork, compile it together and mail it to your lender’s loss mitigation department.
Pending your short sale application approval, request a deficiency release from the bank. The release absolves you of any obligation to pay the balance on the mortgage. If the bank refuses, continue to press the issue.
Team Red Hot Long Realty 7000 East Shea Boulevard Suite 1970 Scottsdale, AZ. 85254 602-418-1153 877-273-3468 888-873-3770 Fax: 480-452-1804 Email: lfox@teamredhot.com
Lloyd Fox uses the same professionalism, ethics and attention to detail that he used to be a successful Vice President of a medical equipment company. Lloyd looks at past success as merely, that, the past. "We are only as good as our current customer. " If Lloyd Fox and Team Red Hot are successful with YOU, then that's the only thing that matters. As an Arizona resident of over 20 years, Lloyd knows the area and concentrates completely on YOUR individual needs!
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