If you’re a homeowner going through financial hardships which have caused you to miss multiple mortgage payments, going through a short sale to avoid foreclosure can be a saving grace. We understand that the process can be difficult to understand and overwhelming at times.
When you partner with the short-sale specialists at EZ Short Sales, though, we can help you avoid foreclosure by short selling your home. Our dedicated short-sale realtors are ready to walk you through the process. Continue reading to learn why it’s important to avoid foreclosure and the steps you can take to do so.
Why You Should Avoid Foreclosure
Though it may seem like the most simple way to get out of your mortgage, the foreclosure process is not only burdensome in the present, but it also has lasting impacts on your credit score that are nearly impossible to recover from. When you go through foreclosure prevention, you have the ability to:
- Protect your credit score from the damaging effects a foreclosure has on it
- Avoid the hefty legal fees you are responsible for in foreclosure proceedings
- Begin recovering financially and avoid foreclosure penalties
The best way to avoid foreclosure is by trusting the short-sale realtors at EZ Short Sales. Before you find the best short-sale agent in your area, check out the foreclosure prevention process that you can expect to go through below!
How to Execute a Short Sale and Avoid Foreclosure
There are plenty of important steps you need to follow to boost the chances of completing a successful short sale. These five steps are crucial for everyone looking to short sell their home and prevent foreclosure.
- Determine Eligibility — Though being underwater on your loan is a good indication that you could be eligible for a short sale, you are not guaranteed to qualify. If you have missed consecutive mortgage payments, are facing a long-term financial hardship, and are unable to refinance your mortgage, a short sale is ideal.
- Find Your Short-Sale Realtor — Finding the right short-sale agent or foreclosure expert can make or break your ability to avoid foreclosure. View our tips for selecting the best short-sale agent, then contact EZ Short Sales to get started.
- Submit a Hardship Letter — Some foreclosure experts consider this the most important part of the entire foreclosure prevention process. Essentially, you submit a hardship letter to your lender along with the required documents that show why you are unable to make your mortgage payments.
- Submit Supporting Documents — After drafting your letter, make sure to include the following documents in your submission to make the process as smooth as possible: letter of authorization, preliminary net sheet, proof of income, and a comparative market analysis. Your short-sale agent will help with all of this.
- Complete the Short-Sale — After receiving approval from your lender, the short sale proceeds as a normal home sale until the final negotiations. Your short-sale agent will find the best offer for your property before negotiating with the lender to accept the offer.
When you partner with EZ Short Sales, these foreclosure prevention steps are easy to follow. Contact us today to find the best short-sale realtor in your area and begin your proceedings today.