1. How do I find out if I qualify for a loan modification? go to www.makinghomeaffordable.gove. Follow the instructions to pre-qualify for a loan modification, which will take you to your lender's website where you can complete the necessary forms.
2. What are my options if Loan Modification does not work? Contact your lender from your mortgage statement and ask them to explain your options.
3. Research, Research, Research. Any major life decision needs to be taken seriously. Do your homework, talk to referrals and talk to several experts.
4.Avoid programs that are questionable. If something sounds too good to be true, it probably is.
5. Contact a skilled tax preparer to look into the tax consequences of a short sale versus foreclosure. Everyone's scenario is different, so make sure to talk to a tax specialist that knows the laws and is best equipped to assess your situation.
6. If you are seriously considering bankruptcy la, the requirements have tightened in recent years and consulting an attorney that knows bankruptcy law is important for you to consult.
7.Once you have followed these steps, you may find that selling your home in a short sale, where your lender approves a sale of your home for less than the debt, is your best alternative for you and your family.
8. Finding the right agent, with the necessary short sale skill sets, training and most importantly the right moral compass is the key to the success of the short sale.
9. Think of this as a marathon. You need good training to get to the finish line. Take care of yourself, eat well, sleep, pace yourself so you don't lose energy.
10. Don't let time run out! Reach out for help before it is too late! The earlier you get into the process before you miss payments that you seek help, the easier the decision making process will be for you.
A special thanks to Gayle Henderson! For her 10 Short Sale Tips and for her partnership.
Gayle Henderson, CDPE
RE/MAX Excalibur Realty
8510 E. Shea Blvd, Suite 100
Scottsdale, AZ 85260
Business: 602.850.4335
Fax: 480.355.3505
Toll Free: 1.888.233.0682
Office: 480-355-3500
E-Mail: gayle@azmovingplan.com
www.azmovingplan.com
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