Things You'll Need:
- Hardship packet
- Photos of the property
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Step 1
Contact your mortgage lender. Speak only to the loss mitigation department. Explain your hardship and ask for instructions on assembling a hardship package. Ask for your contact's direct line or extension for follow-up conversations.
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Step 2
Contact a real estate agent with short sale experience and ask him to conduct a market analysis of the property. To find a real estate agent with short sale experience, call your local board of Realtors.
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Step 3
Assemble the hardship packet with the help of your real estate agent. It will need to include bank statements, pay stubs or proof of termination of employment, W-2 statements, a hardship letter detailing why you cannot afford your monthly mortgage payments, a market analysis of the property and photos of the property showing any defects.
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Step 4
Send the hardship package to your contact in the loss mitigation department via regular mail and fax. Be prepared to fax information more than once. Follow up with the mortgage company after sending the package to continue the application.
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Step 5
Follow the instructions of your contact in the loss mitigation department concerning any missing or additional documentation, and place your home on the market. Your real estate agent should send the listing information to the lender and retain a copy for you. This is the final step in a short sale application -- your lender will agree or not agree to the short sale once you have an offer.
