- 1). Verify your mortgage bank has every piece of information needed. Having complete information will get your file to the top of the list while having an incomplete file may move it to the bottom.
- 2). Confirm with the institution you are facing a financial hardship. Due to the fact that a homeowner does not have to be in default to apply for a short sale, you must be able to prove you are in some sort of financial bind, whether you were recently laid off from a job or can no longer afford your mortgage and are upside down.
- 3). Approach the situation as the bank doesn't owe you anything. You will need to negotiate amicably and resist the temptation to get angry or frustrated.
- 4). Research comps in your residential area. A comp is a comparable property to your home. Providing values of comps in your neighborhood will substantiate to your mortgage bank it will get much less in a foreclosure action than if it agrees to a short sale.
- 5). Persistently, yet respectfully, call if you are told the institution cannot accept a short sale in regards to your property.
- 6). Research everything on your own. Do not expect the customer service representative or loss-mitigation processor to perform any work on your behalf in the situation.
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