Preparing For Your Short Sale

If you owe more on your mortgage than your property will appraise and sell for, then a short sale will be your best option for avoiding foreclosure and potentially ruining your credit score.

We understand that reaching the point of making a decision to short sale may have been a long painful journey through several failed loan modification attempts, or forced on you through some outside factor that you don't control.

The short sale specialists at Homehelper Consultants have been through this short sale process over 600 times in the past five years.

So, rest assured on the fact that we truly do know the type of stress, anxiety and frustration you may be feeling about the entire process.

Where Do I Start?

Paperwork, but you have probably already guessed that.

If you haven't already started organizing your paperwork, here is a list of the initial items you'll need to locate:

• Seller's hardship letter
• 2 years of tax returns
• 2 years of W-2s
• Recent payroll stubs
• Last 2 months of bank statements

HHC will take care of preparing a net sheet, comparative market analysis and assembling your hardship package for submissing to the bank. Since there are quite a few details to include and consider, it would really help us if you had all of the documents above at the time we met for the initial private consultation.

During your private and confidential strategy session with HHC, we'll review your property's value, neighborhood comparables, any looming liens, the estimated time frame it may take to sell and all of the other details surrounding your decision to short sale in order to build our case for the bank(s).

One of the benefits we're able to share with our short sale clients is a network of financial planners, attorneys, accountants and title agencies that are willing to answer specific questions at no additional cost.

So, to recap the initial getting started with a short sale process, it really boils down to gathering your paperwork and scheduling a strategy consultation with our office.