A short sale is the process through which your mortgage company agrees to settle for less than what is owed to them. They do this as an alternative to the expensive and time consuming process of foreclosure. Each mortgage company has their own set of processes through which they decide whether or not to accept a short sale, and while there are many similarities, each has its own requirements for approval. As a third party mediator, we have a distinct advantage in negotiating with your mortgage company.

First you will need to fill out the application forms that we will provide to you. Once all of the forms are completed and faxed back to our office we can then open a case file and begin the process of analyzing your situation and making contact with the mortgage company.

Once our staff has made contact with the mortgage company, they will issue a "work~out package". This is the lenders list of instructions and requirements for considering a short sale.

Some of the things they will likely require are:

1. Full disclosure of your current financial situation.
2. Hardship letter.
3. Last 2 pay~stubs for all working borrowers (including L&I and unemployment benefit.).
4. Last 2 years tax returns.
5. Last 2 bank statements.
6. Last 6 months of Profit and Loss statement (if self employed)
7. Authorization to disclose personal information.

The lender will likely require additional information, which we will collect from you, and review before submitting it to the lender. It is very important that you or your client not discuss anything with the lender from here forward. Should you or your client be contacted by one or more of the lien holders, please inform them that "The Short Sale Company" will be handling all negotiations, and that you would prefer they not contact you any further.

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