Short Sale in Memphis…Why you should try one!

I wish I could stand on the rooftops and shout to as many people as I could, “Don’t just walk away from your mortgage. It won’t mean your mortgage won’t come after you. At least try a short sale! ” There I ‘ve said it. Now where should you begin.
When you find that your mortgage has become a hardship, don’t stop talking to your mortgage company. Find out what type of short sale is available to you, if you have already exhausted a loan modification. Then find an agent with experience in short sales. That does not mean an agent who has LISTED short sales, this means a Memphis real estate agent with a proven track record listing, negotiating and getting Memphis short sales closed. It always saddens me to see many homeowners end up in foreclosure because they let an inexperienced real estate agent list their house when it is a short sale. If your real estate agent does not know the difference between an FHA short sale, a VA short sale and a conventional short sale, keep interviewing.
Once you have hired your real estate agent, start gathering your financial documents. Your short sale package is the most important aspect of the short sale process. I will discuss what the second most important part of the short sale process later. Many short sales, and loan modifications, are denied simply by incomplete paperwork.
Your short sale package will include last 2 months bank statements (real statements, not online printouts), last 2 months pay stubs, last 2 years tax returns, hardship letter, Form 710, Form 4506T and other forms depending upon your mortgage company. Take time to get your paperwork correct and keep all paystubs and bank statements up to date while you are going through the short sale review process.
Short sales are not for the faint of heart but I have never had a client tell me it was not worth it. It is a way to eliminate the mortgage hardship with dignity and know that you did what you could and you didn’t just walk away from your responsibility.

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