Tips when considering a Short Sale

If you are having difficulty making your monthly payments on your mortgage, contact your lender.  See if there are options for you...perhaps a new interest rate, or a modification of some sort on your loan.  If that doesn't seem like it will work, speak to a real estate professional who has successfully completed several short sales.  They can be a difficult transaction...and time consuming.  An important piece of adivce is to be clear who has their name on the deed (you will need everyone listed as an owner of the deed to approve the sale) and who has their name on the loan (that is who can negotiate a possible payoff of the loan for less than is owed).  Also, be sure there are no additional liens attached to the property.  There may be a home equity line or a second mortgage.  There may be bills from credit card companies or contractors who went unpaid who have attached liens to the property.  These will need to be dealt with.  Either they will have to be paid off before the sale of the house, or they must be negotiated for a payoff at the closing.