Mortgage Help and Short Sale Options
A Short sale can be a stressful and a time-consuming process. But in many cases necessary in order to get you out from under your mortgage debt, especially with property values declining like they are today. A short sale discharges you from the current amount you owe your mortgage company, so you are no longer liable for the entire amount.
In order to start the short sale process, there are several documents needed(see Short Sale Forms). First off is a third party authorization. This form grants Philadelphia Realty Services permission from you the Homeowner, to speak to the bank on your behalf. In many cases the lender requires your property to be listed for sale in order for them to accept a short sale. Unlike most Companies that need to refer you to a local agent, Philadelphia Realty Services has our own in-house agents so the entire process is handled under one roof.
In some cases your lender may require additional documentation, or they may require updated documentation, so always keep important paperwork handy such as W2's, Bank Statements, Tax Returns and be ready for those requests!
Once those documents are collected the short sale package will then be submitted to the lender(s) and the process will begin.