Don’t panic, we can help you!

Many people on the verge of financial distress tend to procrastinate until thethreat reaches epic and consequential proportions. The earlier our response and the more time allowed increasesthe chances of a beneficial outcome. While you may think you have no choiceother than staying in your home and letting it foreclose, you DO HAVE ACHOICE! We can help you negotiate a short sale with your lender.

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What do I need to submit for a shortsale?

Lenders all have different documentation requirement. Typically, you are required to submit anRMA Form (Request for Mortgage Assistance) hardship letter, two months of current bank statements, and one month of current pay stubs. When an offer comes in on your property, we will submit your documentation as well as the accepted purchase contract, an estimated settlement statement (HUD-1), and a copy of the listing agreement. We will also need a letter of authorization from you that will allow us to speak directly with your lender about the short sale transaction.

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Does a short sale effect my credit?

A short sale does adversely affect a person’s credit report, though the negative impact is typically less than a foreclosure. Short sales are a type of settlement. Short sale can remain on your credit report for 7 years. Depending on other credit information, it can be possible to obtain another mortgage 2-3 year after a short sale.

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Why would a lender accept a short sale?

A lender will often consider a short sale because the cost and risk of foreclosure is so high. In order to accept a short sale, a lender will need justification. Justification might mean a substantial loss of income that would prevent you from paying the mortgage and therefore being forced in a position to sell the home. Another justification might be that the house is simply worth less than what you owe, and you cannot afford to continue making payments.

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What is a “short sale”?

Imagine your home is worth $200,000 but, you owe $220,000 on it. If you were to sell it in the open market, you might net $184,000, or $36,000 less than what you need to pay off the loan. A short sale is where your lender will forgive a portion or all of the short amount and cover the closing costs of the sale including real estate commissions, attorney fees and other seller’s expenses.

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Download Forms

Third Party Authorization form


Short sale affidavit

Decline/opt-out modification

Consent to obtain credit report

Affidavit of Financial Hardship