When is short sale right for you?
April 9, 2009
If you can not afford the payments of your home and if the current value of your home is less then what you owe, then a short sale could be a way to avoid foreclosure.
The first step in doing this is to know if a short sale is the right option for you. You need to know how much your house is worth by analyzing the sales value of the recently sold homes in your neighborhood. You can also ask your fidelity NJ Realtor for a free market evaluation of your home.
The second step is to gather all the loans you have had against the house. Do not froget to include the second loan or line of accredit.
The third step is to contact your lender and explain your current situation and ask if they are willing to accept less then what you owe based on the current value of the house.
A few of the documents a lender will request from you are
1. most current bank statement
2. your last 2 years of income tax and w-2′s
3. hardship letter showing your current situation and why u cant pay the house.
4. a financial statement showing all your income and expenses.
It is important to remember that in a short sale, you will not keep or receive any money from the proceeds.
If you think a short sale is what you need, and want to know more information about it or simply need help in negotiating with your lender, give us a call. We will be glad to walk you through the process and sell your house.
Best of all is it is all free for you, we are paid by the lender!
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