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! ! ! ! SHORT SALE or Foreclosure Package Submit your completed request for immediate assistance. ! For Borrowers Is a Short Sale right for you? Check to see if you fall under any of the following

How to fill out short sale or pre-foreclosure

How to fill out a short sale or pre-foreclosure:

1. Gather necessary documents: Collect all the documents required for the short sale or pre-foreclosure process, such as financial statements, tax returns, pay stubs, bank statements, and any other relevant paperwork.
2. Assess your financial situation: Before filling out the necessary forms, evaluate your financial condition and determine if a short sale or pre-foreclosure is the right option for you. Consider factors such as the total amount owed, your ability to continue making mortgage payments, and the potential impact on your credit score.
3. Contact your lender: Reach out to your lender and discuss your situation. Inform them about your interest in pursuing a short sale or pre-foreclosure and inquire about any specific forms or procedures they may have.
4. Fill out the necessary forms: Review the required forms for the short sale or pre-foreclosure application. These forms may include a financial hardship letter, a listing agreement, an authorization to release information, and a purchase contract, among others. Carefully complete each form, providing accurate and detailed information.
5. Consult with a real estate professional: Seek guidance from a qualified real estate agent or attorney who specializes in short sales or foreclosures. They can assist you in navigating the process and ensure you have filled out all the necessary paperwork correctly.

Who needs a short sale or pre-foreclosure?

1. Homeowners facing financial hardship: Individuals or families experiencing financial difficulties, such as job loss, reduced income, medical expenses, or other significant financial burdens, may consider a short sale or pre-foreclosure as a way to avoid foreclosure.
2. Homeowners with negative equity: Those who owe more on their mortgage than the current market value of their property may opt for a short sale to sell the home for less than the outstanding balance of the loan.
3. Homeowners unable to make mortgage payments: If you are struggling to make your monthly mortgage payments and foresee ongoing financial challenges, a short sale or pre-foreclosure can provide an alternative to foreclosure and minimize the negative impact on your credit score.
4. Homeowners who need to relocate quickly: Certain situations, like job transfers, divorce, or other personal circumstances, may require homeowners to sell their property swiftly. A short sale or pre-foreclosure can expedite the sale process and assist in avoiding foreclosure delays.

Remember, each individual's situation is unique, and it is crucial to consult with professionals such as real estate agents, attorneys, or financial advisors to determine the most suitable course of action for your specific circumstances.

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What is short sale or pre-foreclosure?

A short sale is when a homeowner sells their property for less than the amount owed on their mortgage, typically in order to avoid foreclosure. Pre-foreclosure is the period between the homeowner receiving a foreclosure notice and the property being sold at auction.

Who is required to file short sale or pre-foreclosure?

Homeowners who are facing difficulty in making mortgage payments and are at risk of foreclosure may choose to pursue a short sale or pre-foreclosure.

How to fill out short sale or pre-foreclosure?

To fill out a short sale or pre-foreclosure, homeowners usually work with their lender and a real estate agent to prepare the necessary documentation and negotiate with potential buyers.

What is the purpose of short sale or pre-foreclosure?

The purpose of a short sale or pre-foreclosure is to help homeowners avoid foreclosure, settle their mortgage debt, and potentially minimize the impact on their credit score.

What information must be reported on short sale or pre-foreclosure?

Information such as the homeowner's financial situation, the property's market value, the outstanding mortgage balance, and any offers received for the property must be reported on a short sale or pre-foreclosure.