What  do YOU do when:

YOUR Home's total amount"
OWED  will be greater  than
the SELLING PRICE.

YOU may find yourself in the   situation  of  utilizing the:
  SHORT SALE OPTION:
 
When the net proceeds from the sale won't cover YOUR total mortgage obligation and the closing costs ;

YOU don't have other sources
of money to cover the $$$
deficiency

YOU can opt to go with a
SHORT SALE rather than a
Foreclosure.
SHORT SALE
CONSIDERATIONS  4 U

    Loan Modification
A.   Contact your Lender to inquire       about any programs
     they have to aid YOU in                staying in YOUR  Home.

    Check about any refinancing            they offer.
    Ask about Lower Interest rates
    Get EVERYTHING in WRITING
    Keep a COPY of every EMAIL         to  AND from YOUR                       Lender and their Agent. 

    Short Sales Expert
B. Hire a Qualified Person / Team
    that may include a Realtor [R]
    and a Real Estate Attorney.

    Make certain that these people
    are specialists in
    the Short Sale  area.

     NOTE:
C.   We DO NOT specialize
     in  Short Sales,  but
   WILL  CONNECT YOU  with            a REALTOR [R] who does..

   YOU  will be  treated with
    CARE by  Professionals
    WHO  DO.
     Documentation
C.  Your lender .will give YOU a
   list of documents it REQUIRES
    to consider a Short Sale>
    Typically, this SS Package
   MUST include:
  a.Hardship letter detailing YOUR
    financial situation and WHY
    You need the Short Sale.
  b. A copy of the purchase
     Contract & Listing Agreement
  c. Proof of YOUR  income & all
     assets.
  d. Copies of Your Federal                  Income Tax Returns for the
     Past TWO Years.

D.   Prepare for a Lengthy Period
  Even  if you're well organized &
  have all the documentation in        place--Be Prepared for a long
  Process.




   Rule of thumb  Minimums 
   1. 1 Mortgage = 2 Months
   2. 1st  & 2nd with same lender
        =  3 - 6 Months
   3. 2 or more mortgages WITH
       different Lenders =
         6 - ?  Months


When the Bank responds,
    They  CAN:
    1 . Approve
    2,  Counteroffer
    3.  Deny
     
IMPACT OF SHORT SALES

  A.  YOU may be asked to SIGN  a
       PROMISSORY NOTE agreeing to
       pay back the difference in funds.

B. YOU might have to pay taxes on any
     amount of YOUR mortgage that is
      forgiven by the Lender

  C. YOUR  Short Sale will impact
      YOUR  Credit Score LESS than a
     FORECLOSURE