Have you tried to sell your home, but owe more than its current value? Are you behind on payments and heading towards foreclosure? Do you have an extenuating circumstance which requires you to sell, but current market conditions have you at a dead end? You may be able to avoid foreclosure by working out a Short Sale with your lender(s).
Working out a short sale with your lender(s) is possible but requires diligence and effort on the part of the seller and the REALTOR®.
As the Seller you must be willing to:
- Listen to and follow the instruction of your attorney.
- It is strongly recommended that you seek legal council before entering into a short sale situation. There are resources available to you at a reduced cost, or who are willing to defer payments until the transaction is closed.
- Complete all seller portions of the lender required short sale package in a timely fashion.
- Be willing to allow your agent to properly market your home for sale. (You do NOT have to use a big “Short Sale” sign in your front yard. This can be handled with dignity and respect.)
- Keep your home in good showing condition and make it marketable and available to show, to the best of your ability.
- Maintain reasonable expectations about reaching your goal of selling your home before foreclosure becomes the only option.
The important thing is to talk to your lender and seek advice from real estate professionals as soon as you believe there is a problem. Early actions on your part will increase the opportunity for a workout and the odds of a successful outcome. Read more about HAFA guidelines implemented to streamline the short sale process. These guidelines only apply to participating HAFA lenders, but they are a start.
Help is here to get you out of this current struggle and on with the rest of your life.