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A short sale of your home is not something you look forward to, but might be the only option that you have. If you are on the precipice of losing your home and facing a foreclosure. You may decide that this is the right option for you instead of trying for a loan modification to refinance. There is help available to you. You do not have to face this ordeal by yourself. There are professionals to help you and answer all your questions that you may have.

It is not recommended for you to try to go through with the short sale of your home without the assistance of a real estate agent. They are experts in the field and know the necessary protocol associated with doing this. They will be there to walk you through step by step with the negotiations of your sale. Short sale is defined as owing more on your home than it is currently worth. This is not a cut and dry procedure and without help from a professional you may find yourself with problems and questions galore.

It is estimated that 3/4 of housing markets in the United States have been afflicted by the decreasing in values. Don’t feel ashamed or embarrassed for this. Many are in the same boat as you. This is a toppling effect. Whenever the values of home decrease, mortgage rates increase. With the economy the way it is, not only homes are affected but all aspects of our daily lives. Groceries and fuel are constantly rising. Short sales usually happen from the homeowners not being able to handle the rising costs of all products at once and puts them behind or in a bind where they will be facing foreclosure in the future.

The process of a short sale is more complicated than a conventional sale. There will be more paperwork to deal with and you must let your lender know from the beginning what is going on. It is best to contact them and let them know and then follow up with a letter stating the same thing.

You cannot continue forward with the short sale of your home until you receive in writing permission from your lender. The real estate agent and your lender will be in constant contact through the process. You will have to detail why you are wanting to short sell your home. You will have to provide your lender with proof that you are indeed in a hardship. Some information you will be asked to turn over to them is as follows:

1. Credit card statements.
2. Banking statements.
3. W-2 forms or 1099s.
4. Any and all other documents that help show your hardship case.

It is a wrong assumption to think that once you do the short sale of your home that you will be free from all debt that you owe associated with it. Some lenders do not want to add to the ever growing number of homes that they carry on their books but in some cases this will not be a walk in the park. More than not, the lender will approve the short sale of your home to save time, paperwork, and money that denying you and continuing with a foreclosure would add to.

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