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Short Sales for Sellers (Chapter 2) You Qualify for a Short Sale, now what?
 
In Chapter 1, we went over on how the distressed homeowner wanting to avoid foreclosure qualifies for a Short Sale. Now that it has been determined that you qualify for a Short Sale , what's the next step?
Your case for why your Lender should approve a short sale on your behalf will be presented to your Lender by a skilled Short Sale Specialist.
As a Realtor, representing distressed homeowners, I have to provide a good and solid argument to your Lender that is backed by market statistics, proof of your financial hardship and good negotiation skills. It's not for the faint of heart. But you, as the distressed homeowner trying to avoid foreclosure must be willing to provide the necessary documents to your Realtor.
Let's take a look at what the Lenders will want to see from you:
Hardship Letter - they will want to know exactly what put you into your current financial distress. What has happened since you purchased your home that you can no longer afford to make your mortgage payments. This letter needs to be written by you, the homeowner. You do not want to generalize and leave out any details. From what you write, the Lender needs to ... more

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