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Thank you for choosing me to assist/help you through this difficult time with your Short Sale process. I understand your concerns and please rest assured that I will walk with you every step of the way. I am Certified in "Short Sales and Foreclosure" (SFR), per NAR's Designation requirements! 

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the real property sold. 
In a short sale, the bank or mortgage lender agrees to discount the loan balance due to an economic or financial hardship on the part of the mortgagor/homeowner. This negotiation is all done with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation. 
A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. A bank will typically determine the amount of equity (or lack of), by determining the probable selling price from a Broker Price Opinion - BPO (also known as a Broker Opinion of Value (BOV)) or through a valuation of an appraisal. For the home owner, advantages include avoidance of a foreclosure on their credit history and partial control of the monetary deficiency.
In today's market many lenders will agree to a short sale as an alternative to hiring an attorney and incurring the court costs and associated expenses of a foreclosure action. The foreclosure action takes many months. Once the lender acquires title to the property the lender will then incur the costs of maintaining the property, insuring the property, property taxes and the necessary costs to sell the property. The lender will then be able to sell the property for market value. Statistics show that a lender owned property sells for less than a comparable property. Lenders do not want to acquire potentially unsalable property in a declining market and typically will cooperate with you in a short sale. The lender's loss is minimized, the seller gets out of the mortgage and the buyer gets the home usually at a reduced price.
The short sale process is generally faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer. 

So here is what you need: Each lender has it's own "Short Sale Package" which your agent can request on your behalf and which will include, amongst other items, the following:

* Listing contract (if required by the lender),
* Sales contract (Purchase and Sales Agreement, you need a Buyer for this)
* Hardship letter (financial data, includes explanations for loss of income)
* 2 years W-2’s or tax returns- (Supply the front 2 pages of your Federal tax returns)
* 2 months pay stubs (If you cannot provide, explain why in your hardship letter.)
* 2 months bank statements
* Financial statement (Listing current liabilities, assets and income information)
* An Authorization to Release Information – (Whomever will be negotiating with your lender to speak with them on your behalf.)

Go to: www.treasury.gov  


Thank you for visiting these webpages and if you believe that I  may be of assistance to you in your Short Sale, Pre-Foreclosure process (SFR Certified), I look forward to speaking/working with you in making your Short Sale journey the best it can possibly be. I will be more than happy to discuss your particular situation with you, confidentially.

Loan Modification:

Congratulations! If You have made the decision to save your home, and... Yes, should you decide to Modify, I can assist you in completing your loan modification with your current lender; http://www.harcourtbethel.com/7.html  please call me for a, no obligation, consultation!

A loan modification is where the bank agrees to change the terms of repayment to accommodate your current financial means. This may mean changing your interest rate, ( http://www.makinghomeaffordable.gov/eligibility.html ) adding some of your past due balance to the back end of your loan or increasing the length of your loan to make a more affordable payment. In some states, it may also be accompanied by a reduction in the principal balance on your loan. As with anything, the bank has to see that you will have the capacity for repayment of this loan, and you will have to qualify.
Visit here for additional information: http://www.makinghomeaffordable.gov/modification_eligibility.html

Direct: 407-484-9892 - 933 Lee Road, Suite #300, Orlando, FL 32810