In Billings Montana short sales are not always pleasant transactions. But they can help a homeowner in Billings Montana to Stop the foreclosure process and save what is left of a homeowner’s credit.
There are many reasons why a homeowner in Billings may consider doing a short sale. Foreclosures and bankruptcy in Billings Montana destroy credit, embarrass families, and just is a very tough time. One option that has become very popular is Short Sales.
Most states around the country have seen an enormous increase in the number of short sales in the past few years because of home prices falling and adjustable rate mortgages. In Billings Montana they are becoming a new thing and every week it seem I hear about someone doing one or trying to get one done.
When lenders agree to do a short sale in Billings Montana, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales but most will because it costs a lot of money for lenders to foreclose on a property.
Completing a short-sale is not a difficult process if you know what to do and have the patience to wait out the process. Through simple negotiations you get the bank to accept less than what is owed on the property.
There are several documents you will need to complete a short sale transaction. You should always have more that what the lender requires. I would start with calling the lender to find out what they need or have whoever is buying the property do the work. As a homeowners you work should be done except providing with who is negotiating with the bank with the proper paper work.
First you need to get an authorization of release from the buyer or the lender. This way the buyer can negotiate on your behalf. The letter should include the property address, loan number, your name, date, buyers name and contact information and signatures.
As a homeowner you will need to provide a hard ship letter. The sadder the letter the better, but don’t lie. This statement should tell the story about how you got into your financial bind and makes a plea to the lender. Lender will understand that life happens and sometimes unexpected events happen.
Next you will need a proof of income and assets sheet. You must also be honest here too. Lenders want to know if you have the money to pay what you owe or if you have assets to sell to pay them. They want to make sure that you cannot pay them. You will also have to include bank statements.
Some lender may require you to provide more forms but that is just about it for the seller side. The person doing the short sale and buying your home will have to provide several other documents. Most of which you do not have to do much too but sign them. If you would like more information about the process or think a short sale would be a good fit for your situation contact Big Sky Property Solutions LLC.
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