Once you have decided to try to short sell your home call your lender and see if they have a pre-sale approval process. Not all lenders do this but you can ask. Most lenders will give you a short-sale information package to fill out. This will include a hardship letter where you explain why you can no longer pay you mortgage, copies of the past 2 years income tax returns, a list of all outstanding debt, a list of all recurring payments you must make (utilities, water, groceries) pay stubs and other financial paperwork. This package must be completely filled out and returned to the bank before you can accept an offer. You can list your house with a realtor. A short sale must be listed with a licensed real estate agent who has no relationship to the seller, all short sale transactions must be arm's length, which means that the seller, the agent and the buyer can have no relationship.
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