Avoiding Foreclosure with a Short Sale – Here’s the Questions I’ll Need Answered

 

 

If you’re in danger of losing your house to foreclosure, and you want to try to do a short sale instead, I know you have a lot of questions. 

 

When I sit down with people to discuss the short sale process, their questions and concerns take center stage over the information I need to get from them. The whole process is so emotionally draining, it would be a great help if the following questions were answered, and info gathered before I arrive.

 

That way, we don’t have to spend time going over all this, but I can focus on what you need from me.

 

Feel free to print this page and jot down your answers in preparation for our meeting.  

 

• Are you current on your payments?

• Why do you want to short sale?

• Would you prefer to keep the property? If so, have you tried a loan modification or some other type of workout?

• Do you have a hardship? Please summarize here (common hardships are job loss, divorce, illness). Most mortgage holders will require you write a hardship letter. I will assist you with that if you so desire.

• Are you current on HOA fees?

• Are you current on your water bill?

• Are you current on your power bill?

• Are you living in the property?

• If so, do you have a place to go once it sells?

• Does anyone who’s named on the title have any liens or judgments?

• If your lender requires some funds from you in order to release their lien, do you have any funds to contribute?

• If your lender requires you to sign a promissory note in order to release their lien, are you willing to consider doing that?

 

About your loan –

 

Do you have one loan, or do you also have a second and/or third?  Please answer the following questions about each loan:

• Is it a conventional loan, VA, or FHA?

• Who is the mortgage holder (including address and phone number. I will also need the account number once you decide to work towards a short sale)

• What is the approximate balance?

• Have you receive notice of foreclosure proceedings (or being ‘sent to collections’ for a second)?

• Have you started any paperwork with your lender?

 

 

Upcoming information I will need:

Social Security numbers of all people named on the loan. I need this in order to get approval to speak with your lender about your loan. I will first need to get a copy of the mortgage holders’ authorization form.

Hardship letter

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I write posts on real estate issues and local events in the Denver metro area, especially those *communities between Denver and Boulder, as a public service. My hope is to give people an idea of the ‘flavor’ of our community, in case they’re new or moving to the Denver area.

I am a residential real estate agent, happily helping folks buy a house or sell a house in the beautiful and friendly *suburbs northwest of Denver.*Arvada, Broomfield, Lafayette, Louisville, Superior, Westminster; also Thornton, Golden, Wheat Ridge, Northglen, Lakewood