I recently attended a class on how to short sale. I was not seeking to get accredited to short sell. I wanted to learn more about the process and a training session for realtors seemed like a good way to learn. During the education session, they showed photos of various short sale homes and detailed the short sale process as well. I found out a lot of information about the process, but I am still somewhat a beginner. It was a useful training session because my family is facing a similar predicament as we speak, so this is a great way for me to use my recent knowledge.
The first thing I planned on exercising was to get hold of a short sale attorney for advice. Yes I just went through a seminar, but that did not make an expert in the area. I knew that the current mortgage on my home was valued above the current market value. I had missed the last three months worth of payments, so I was in danger of receiving a foreclosure notice from the bank. I required to find a solution, and I felt that short sale was the answer. I knew from the preparation session that I would be eligible for a short sale because the market value of my home was lower than the mortgage value. I needed to find out if my bank would be willing to go with a short sale. If they agreed to the short sale, then my credit score would be retained in the process. The bank would find a buyer for the property, and I would no longer owe them anything. There was a chance that I would be accountable for taxes due to numerous tax implications, but other than that, I would be in good shape.
I contacted my attorney and we met with the bank. Because I was being deterrent, the bank was more willing to work out a deal with me on the problem. In the end, my credit was saved because I learned how to short sale. If I had not attended that training session, then my credit score would be damaged and I would be in a dire financial situation.
