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If your mortgage is underwater then you know the stress involved with the tough decisions you are facing. Deciding on a plan to help you avoid foreclosure is not easy. Further, you must make sure that your lender agrees with the plan before you can be sure you will not lose your home to a foreclosure proceeding. While many people seek help through a short sale, not everyone is knowledgeable about the process. There are a few downsides to a short sale, but you can minimize their effects by being prepared and arming yourself with knowledge.

Covering Your Bases

One of the most important aspects to a short sale is knowing how the process actually works, but you must first learn about what goes into a traditional mortgage. When you take out a mortgage you are required to sign to important documents. The first is a promissory note, which basically states that you agree to repay the loan amount. The second is a Deed In Trust, which states that you understand the lender has the right to enter the home into foreclosure if you default on the loan. Both of these documents must be resolved when you pursue a short sale.

To resolve the conflict created in these documents by entering a short sale you must obtain approval from your lender. First, request documentation stating that the lender agrees to accept less than is owed on the mortgage, which also absolves you of liability over the loan once the sale is complete. Second, request documentation from the lender that they agree not to pursue foreclosure as long as you are participating in good faith efforts towards the sale.

Prepare Yourself

Short sales are not the easiest process to complete, but can be much easier on your credit and financial future than a foreclosure. One mistake people often make is not preparing themselves properly. Remember that you cannot just decide to enter the short sale process, but that you must have approval from your lender. When you contact your lender you should have an idea of what your responsibilities will be and make a case for yourself that you intend help the lender recoup as much of their money as possible.

Further, when you do enter the short sale process you must be prepared to be patient. Although you may end up with multiple offers on the home, the lender has final approval. It is not uncommon for the lender to take several months to approval an offer on a short sale, which means that you will not be relieved of your mortgage responsibility immediately. You must be prepared to stay in the home for several more months, keep it tidy enough for daily showings to buyers and try to secure the best deal possible. 任意売却のご相談は管財へ