Mysest56 
February 23, 2022
A homeowner can use a brief sale to prevent foreclosure and decrease the effect on his credit report. Foreclosure is the legal way a lender enforces a mortgage loan and typically results from the homeowner’s shedding the home. A brief sale is considered a pre-foreclosure trade, and the lender has to issue approval. The home is sold for less than what the borrower occupies the balance of their mortgage. The lender subsequently cancels the homeowner’s remaining debt.
Ask your lender which department handles short sales. A brief sale is typically handled by the reduction department, but a smaller lender may have another department that handles pre-foreclosure trades.
Ask the sale paperwork and types. The lender will mail or fax to you the forms needed to start the brief sale and get final approval.
Gather the required documents for approval. Lenders typically require financial documents, such as your pay stubs, proof of unemployment, prior-year tax returns and bank statements. Evidence of hardship will be required. Gather all of your invoices, such as medical costs, that support the demand for a brief sale.
Check the sale packet over. Be certain that you have all the documents the lender is requesting. Follow all directions in the package for any additional forms and the hardship letter. Hardship letters are letters that explain why you are requesting the brief sale. Lenders for approval generally need them. Call your lender if you do not understand anything in the brief sale paperwork.
Find a realtor. Lenders demand that a broker be utilized in a brief sale. Look for agents who have prior expertise in short sales. A realtor will receive a proportion of their sales price as payment, so inquire about the broker’s standard fee.
Submit your package. You can list the home for sale once the lender issues an approval for the brief sale. The approval will include the quantity of time you need to sell the home before foreclosure proceedings have been started or continued, and the lowest amount that the lender will allow your home to sell.