Chance Gates' Blog

This is a complicated process, and it is always recommended a person talk to a CPA and/or an attorney before trying to sell a home for less than they owe the bank. The bank will usually require that a person be two months delinquent, before the bank will allow someone to start a short sale. Believe it or not the process has become a little simpler this year compared to last year. Now banks seem to be more prepared. They will send out a package that a person will have to fill out. This will have financial information and needs a letter of hardship stating why a person cannot make their mortgage payment. On every short sale the bank will open a case of fraud. This is one on the reason it usually takes so long. Sometimes it is a little easier and less stress on the owner, if a realtor is given permission to talk to the bank.