Get Started on Your Phoenix Short Sale
Get answers from a short sale specialist: (480) 331-2832
1. Self Evaluation
The first step is taking a good hard look at your situation and figuring out if a short sale is a valid option. You must be able to prove that you’re in a position of financial hardship. The short sale of your home has to net the bank more than a foreclosure minus expenses would along with your equity and whether or not PMI is brought into the picture.
2. Contact a Short Sale Specialist
The best way to ensure you will have NO future obligation to repay the debt and that your short sale goes through smoothly is to find someone who has experience in conducting short sales.
Step 3. Writing Your Hardship Letter (ask us for a template)
Your hardship letter is your personal appeal to the bank or lender to approve your short sale. Basically, your hardship letter is you asking your bank: “I understand I owe you money and I can’t pay. Here is why. Please allow me to sell this house for less than what I owe you and we’ll call it quits.” The most important thing in your letter is that you sincerely demonstrate that you cannot pay.
You have to show that you’re not trying to get rid of a house because you owe more than it’s worth. You’re not trying to get a short sale because it’s more convenient and certainly not for financial gain. You’re trying to get a short sale because you cannot pay for your mortgage. You can demonstrate this by thoroughly explaining your situation. Why you cannot pay for your mortgage. What happened, so on and so forth. The more detailed and the more specific you can make it the better.
The letter should include detailed financials that paint a picture for the bank that unless they let you short sell, the property will go to foreclosure. Furthermore, if you can help paint the picture that they’ll lose more money by allowing the property to go to foreclosure, then you’re much more likely to get the short sale.
Be sure to explain that you’re trying to avoid bankruptcy and you’re trying to avoid foreclosure. If the bank believed that you’re going to file for bankruptcy, they’re less likely to want to give you the short sale. End your letter with a compelling and powerful request. Tell the bank exact what you want them to do: To approve your application for a short sale and allow you to sell your home for less than you owe because it will save them money.
If you do these three steps – First, making sure that your situation calls for a short sale, then finding someone who’s experienced to represent you and finally writing a compelling short sale letter, then your chances of short selling your home increase dramatically.
Speak with a short sale specialist at (480) 331-2832 or here
Show Appeal Realty 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. If you stop paying your mortgage, you could lose your home and damage your credit rating.