Short sales are becoming more common as lenders realize it can make better economic sense to agree to accept less than the full payoff amount due.  It's a business decision that considers the current market value of the property, time delays and legal costs of the foreclosure process.

You may be a good candidate for a short sale if you owe more than the home is worth, are financially distressed and have no other way of repaying the outstanding balance due.  Be advised, that if you have other assets or income sources, it is less likely that the debt will be forgiven.  Consult you tax advisor for possible tax consequences.

Short Sale Processing Requirements

1. 2 yrs federal tax returns

2. 2 months bank statements

3. 2 recent paystubs

4. personal financial statement

5. Hardship letter of explanation

6. Executed contract of sale

7. Estimated closing statement

8. Signed authorization

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