According to a new report, almost 50% of the nation's homeowners will owe more on their mortgage than their house is 48% of mortgage borrowers will be 'underwater' According to CNNMoney.com, almost half of the nation's homeowners owe more than their homes are worth. 25 million borrowers, which equates to 48% of all borrowers that have mortgage loans, will continue to be underwater on their properties.
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Because of the complexity involved in the transaction, it is advised to consult a real estate professional. Real estate agents and real estate investors are typically your best bet. These professionals have established relationships with all the major lenders and can give you insight about the financial and legal obligations.
You will need to provide documentation to your lender. Typically the lender will want to see a hardship letter, financial statements, tax statements, purchase contract, listing agreements, and pay stubs. A realtor or professional investor will be able to help you collect these documents and create a short sale packet.
The packet needs to be submitted to the lender's loss mitigation department where it can take weeks to process. A short sale is anything but short. In fact, many short sales can take 3,6, or even 9 months to complete. Expect a long drawn out process.
As you can see, the process should not be handled yourself. Find a professional specialist in your area that has a proven track record. Short sales are specialty, not something that every realtor can handle.
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