Short Sale San Diego
Are you struggling with an expensive San Diego mortgage and are at risk of losing your home? Here’s some good news: you don’t have to go through the stress and stigma of a foreclosure. One thing you can do is a short sale—an agreement between you and your lender to sell the home for less than you owe on it, and accept the proceeds as settlement for your loan. With a short sale San Diego, you get rid of the burden of a heavy mortgage and avoid the credit damage that comes with a foreclosure.
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The first step in most short sales San Diego is a call to the lender’s Loss Mitigation office, which takes care of foreclosure prevention methods. Find out how they handle short sales in San Diego, what you need to get started, how much time it takes, and how they will assess your proposal. The more you know beforehand, the better your chances of making a successful short sale.
Proper documentation is essential in a short sale San Diego. Most banks will ask for financial statements, tax forms, mortgage and utility bills, and pay stubs or other proof of income. Try to provide as much detail as possible. The point is to paint a clear picture of your financial situation, so that the lender can see whether or not you meet the requirements for short sales San Diego.
Another important element is the hardship letter, where you explain the circumstances of your default and convince your lender that a short sale is your best option. A short sale San Diego company such as Short Sale Safe can help you draft your letter as well as prepare the rest of your application, ensuring more positive results. Don’t wait till the last day to make that call—the sooner you act, the sooner you can walk away and start working your way back to financial stability.