cococandissi.com

You are faced with losing your home because you can no longer pay the monthly mortgage. You will be confronted with one of two options, a foreclosure or a short sale. A foreclosure means that the lender takes control of your property and sells it to recoup some of his loss. Under this circumstances you may be open to law suits, hounding creditors, possible bankruptcy, and damaged credit. In a short sale, you sell your home and the lender gets paid a closing. You avoid law suits, hounding creditors, and the possibility of having to file for bankruptcy. And you also preserve your good credit. Obviously, a short sale is the best alternative for you.

However you need to be aware that you will have to convince the lender to go with a short sale and that may take some time and effort. For example, you will have to prepare a loan documentation package that contains such things as photos of your home, a letter explaining that you can’t pay the loan, a real estate broker’s price opinion (BPO), the purchase contract worked out between you and the buyer, the buyer’s income and financial documentation and other pertinent papers. The thing to keep in mind when creating the package is that you want to stress the negative — your inability to pay off the loan. And you want to show that this is the best way the lender has to recoup his loss.

Some lenders have shown that they wish to play hard ball and so negotiating a short sale alternative with them may be difficult. But if you can prove that this is the best method for them to regain some or most of their loss, then they can be convinced.

For more info just click on this link short sale mortgage