Silicon Valley Short Sale

Silicon Valley Short Sale

Even if you have received a Notice of Foreclosure Sale, it might still be possible for you to Short Sale your house to Avoid a Foreclosure.   But the success your will depend on how many loans you need to get approved for Short Sale and how much time is left to the Auction Sale date.

Most lenders will NOT cooperate with Home Owner’s request to postpone a Foreclosure Sale date, if there has been at least 1 postponement in the past 12 month granted to the home owner.  However, you need to determine if you qualify for a Short Sale in the 1st place.  ng your Short Sale application approved.  To qualify for a Short Sale and have a Short Sale Negotiator assigned to by your lender; you will need to document Financial Hardship to your lender.

You should also contact the US Department of Housing and Urban Development (HUD) which has Homeowner Assistance Program.  In fact, HUD will assign a Counselor to help you navigate your options and they can also initiate a contact with your lender to explore ALL your options.   Once you have concluded that Short Sale is your best option to avoid foreclosures, then you need to document the Financial Hardship that’s preventing you from making your mortgage payments.

With the help of your Short Sale Listing Agent, you can then develop the following documents that can be submitted to your lender to start your Short Sale process.   These documents include:

1)  Hardship Letter

2)  Financial Statements

3)  List of Assets and Liability

4)  Pay Stubs for 30 days

5)  Taxes for the past 2 years

6)  Income & Expense Statement

7) Listing Agreement

8)  HUD -1 Settlement Statement

9) Fully Executive Purchase Contract

10) Fully Executed Short Sale Addendum

However, integral part of developing a marketing strategy is to get the right Home Value that will increase the chance of Short Sale approval.   After all, it’s crazy to develop a strong Short Sale application only to be forced to sell the house multiple times since you can NOT get an approved price from your lender.

Contact us to explore all your option to avoid foreclosure.

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