Solving Your Mortgage Crisis Just Got Easier

5 Steps for a Successful Short Sale If you’re behind on your mortgage, a short sale is one of several ways to avoid foreclosure, and knowing the steps ahead of time can make the process feel far more manageable. If you are considering short selling your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful transaction. First, do you qualify? In general, lenders look at whether you:

1. Have a verifiable hardship, like unemployment, medical bills, or relocation
2. Have a monthly income shortfall
3. Are insolvent (you have no cash or assets that can be sold to pay down the mortgage), or are headed towards insolvency

  If you meet these qualifications, follow these five steps to a successful short sale:

1. Contact me so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale
2. Gather financial information (i.e., bank statements, pay stubs) from at least the last three months
3. Keep your house in showcase condition for showings, and make as many repairs as necessary and that you can afford
4. Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency
5. Set realistic expectations and work with me, the lender, and the buyer to the satisfaction and benefit of all parties involved

For more information about how the short sale process works, or about any other foreclosure alternatives you may qualify for, call me today. I can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier. IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Every situation is different, and a short sale is just one of several options worth understanding before you decide anything. If you’d like a calm, no-judgment conversation about where you stand, reach out through reynoldsrealty.com or call or text 941-737-6562. — Linda Reynolds, Reynolds Realty Gulf Coast