Short Sales

A short sale is the process through which your mortgage company agrees to settle for less than what is owed to them. They do this as an alternative to the expensive and time consuming process of foreclosure. Each mortgage company has their own set of processes through which they decide whether or not to accept a short sale, and while there are many similarities, each has its own requirements for approval. As a third party mediator, we have a distinct advantage in negotiating with your mortgage company.

The first step is to contact us so we can begin the process of negotiating. Once our staff has made contact with the mortgage company, they will issue a "work-out package". This is the lenders list of instructions and requirements for considering a short sale.

Some of the things they will likely require are:

1. Full disclosure of your current financial situation.
2. Hardship letter.
3. Last 2 pay~stubs for all working borrowers (including L&I and unemployment benefit).
4. Last 2 years tax returns.
5. Last 2 bank statements.
6. Last 6 months of Profit and Loss statement (if self employed)
7. Authorization to disclose personal information.

The lender will likely require additional information, which we will collect from you, and review before submitting it to the lender. It is very important that you or your client not discuss anything with the lender from here forward. Should you or your client be contacted by one or more of the lien holders, please inform them that Washington Real Estate will be handling all negotiations, and that you would prefer they not contact you any further.

Ready to begin? Just contact us via phone, e-mail, or simply by filling out this form and we will be on our way!

Certified by Trump Unversity in foreclosures and by Loss Mitigation Network in short sales.