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Basic steps to starting the short sale process

Have you found yourself behind on your mortgage payments? Are you concerned that your lender will repossess your home? This is not the best position to be in, but it is not the end of the world either. There are options to consider, such as a short sale.

If you are interested in a short sale, you must first know what this is. In short, this is when the bank agrees for you to sell your home for less than what you owe.

Starting this process is easier said than done, since the bank wants to be involved every step of the way.

First things first, you need to contact your lender to discuss the process and what it entails. Let them know you are interested in moving forward. From there, you will receive a packet of information to begin the process.

Secondly, work with a real estate agent who knows the ins and outs of the short sale process. This could be the difference between success and failure.

Finally, be sure to stay in touch with your lender. For example, before you accept an offer, you must run it by the lender to ensure that they are on board with the idea.

Here is what you really need to know: you are unable to move forward with a short sale until your lender approves it. Even if this is something you want to do, you must have the blessing of your lender.

Knowing the basic steps of the short sale process can help you make the right decisions at the right time, thus eliminating a lot of the stress commonly associated with the process. One source of information is a real estate attorney in your area.

Source: Realtor.com, "How Do I Start The Process Of A Short Sale?," accessed Oct. 15, 2015

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