Definition of Short Sale: A home that is being sold at a price where the net proceeds to the lender are less than the amount owed. For the lender to accept this, an owner has to have a genuine hardship that may result in the home being foreclosed upon. Before the lender would agree, the homeowner should first complete a hardship package to prove their current financial status. Completing this package can be quite difficult because there are a lot of things needed for submission. Some of these things are W2s, bank statements, hardship letter, and itemized expenses. However, before declaring hardship, sellers would need to seek help from a professional. Most people whom I meet with hardships have recently divorced, become unemployed, incurred high medical bills etc and all of them do not know where to turn for help.
Why Should I do Short Sale?
