The Approval Experts | San Diego Real Estate | Short Sales

If you are considering a short sale on your property, there are a few things that you will need to know before you begin the process. Unlike a foreclosure, where you walk away from the loan and have the bad effect on your credit rating, a short sale allows you to settle with your bank for a lesser amount than the value of the loan and your credit may not suffer nearly as much as it would with a foreclosure. Although it is still reported, it is listed as a debt settled for less than the amount owed and overall, it won’t cause your score to dip too much in most situations.
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In order to go through the process to get a short sale, you will need to supply your bank with a hardship letter. This is often the determining factor in whether or not you will be granted a short sale with the bank and as such, a lot of effort will need to go in to writing this letter. If you do not touch on the necessary points in your letter, you may not get an approval for a short sale. A vital of the hardship letter is to make sure that the bank understands your unique dilemma in order to convince the bank to allow you to short sale your home.
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