Quote:
Originally Posted by MRC123  We were thinking of walking here in AZ, but I think we just may do a short sale instead.
My questions:
During the short sale process, do we have to make payments?
Should we request a short sale package now that we are still current, or when it gets closer to the 90 days of not making payments?
At what point do we need to contact a realtor about listing our home as a short sale? |
MRC123,
Hope all is well with you.
You need to hire a real estate agent and put your home in the MLS listing, check bbb search for a good agent near your home. You need to ask the real estate agent if he has experienced in Short Sale. You have to give a letter authorizing your lender to talk to your agent regarding your house and Short Sale.
Your agent will submit the Short Sale package for you. The lenders will only accept a Short Sale if the house is listed within 60-90 days, some lenders requires 3 months behind in payments so make sure you ask your lender about it. You have to write a financial hardship letter to your lender explaining in detail why you are doing Short Sale, they will ask 2 copies of pay stubs, 2 bank statements, your monthly expenses, maybe w2's for the last two years. You have to do it fast, right pricing is the key to successful Short Sale. Find out the selling prices in your area and beat that price to attract a buyer. For example, if the selling prices in your area is $200k, price it down to $180k to attract a buyer. Check realtors.com or zillow.com to get an idea of how much is the selling prices in your area. Without a buyer, your lender will deny the Short Sale.
I hope this helps.
God bless you and take care.
Faith