A short sale can turn an unhappy situation into a positive outcome in which you still maintain control of your property until the closing day. If other measures have failed with your bank or you have chosen not to take part in a loan modification, you can still have a dignified outcome by selling your home.
One of the main benefits of a short sale is that you will be protecting your credit rating. Most lenders will not file a 'deficiency judgment' against you for the money owed after the short sale. If you let the bank continue into the foreclosure process, all monies owed plus attorney's fees will be owed probably forcing you into bankruptcy.
Let's talk about a few things right up front. The bank is not your friend and they are not on your side. Take a look at this short sale explanation from Wells Fargo explaining their process. It's very easy to understand and thorough from start to finish. It does mention that you should return paperwork to your 'home preservation specialist'.
Agree that you'll sign the paperwork but do not send it in until you have decided what you want to do. At this point, you need an experienced real estate agent and an attorney on your side because you are definitely at a disadvantage dealing directly with your mortgage holder.
Do not hire an agent that is out of your immediate area to sell your home. It is still a local process and not every agent knows how to successfully close a short sale. There is some finesse involved and if the agent does not know how to handle the bank, they eventually will foreclose on you. I’ve seen sellers make these mistakes over and over again.
I can explain the short sale process from start to finish and answer all your questions on what to expect during the process.
Please consider me, as I have gathered a knowledgeable team that will get your short sale successfully closed.
Seller costs would be $0 for commission and $0 for attorney’s fees.
Oh, and by the way, it will unfortunately be anything but short!