I am an experienced short sale Realtor®, let me help you to avoid foreclosure. There are programs that will allow you to exit gracefully, don't just leave instead do a short sale. Some programs even pay some moving expenses. What is required to do a short sale? It is required that you prove that you have a hardship. The bank wants to know why you can no longer pay your current mortgage. Did you get laid off, job transferred, divorce, have a new baby, do you have medical expenses or does a family member have expense you have to assist with? The bank will want documentation of this and your financial status. You will be required to submit your tax returns and pay stubs. What happens to the difference between what I owe on my loan and the bank gets for the sale of my home. Some banks will waive the defiency and some will not. For answers to this you should consult your tax professional, this can vary. Please see my short sale consultation button to request a consulation to discuss your indivivual situation.
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