Q. How do you start the short sale process?
A. Before you start anything you need to take a step back and look at the bigger picture.
Q. What do you mean; we want to sell the house, what else should we think about?
A. First I will assume that you arrived at the decision to pursue a short sale after careful examination of all options. If you still need to go through that process you should read about all of the ways to stop foreclosure or an automated analysis program like Avoiding Mortgage Foreclosure. Some of you may have tried a mortgage modification that failed. If you found mortgage modification and keeping your house as your first choice and you made the mortgage modification attempt on your own you may want to revisit the mortgage modification avenue using a mortgage modification professional to help you.
Q. No, we really do not want to keep the home, what else should we think about prior to starting a short sale?
A. Next you need to examine you compete financial picture. If your short sale goes perfectly what else will you need to deal with? Some people may have so much credit card debt that they will need to file a chapter 7 bankruptcy no matter what. Other folks find after a short sale their finances line up in perfect order. As a part of this economic examination look at the short sale itself; exactly how short is the short sale going to be and do you live in a deficiency state.
Q. Let me take that one part at a time, what makes a state a deficiency state and where can I find if I live in a deficiency state? |
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