"Short sale" is a pretty common real estate term these days. Most people considering the purchase of a home in this market runs across it pretty soon after the search begins.
Short sales occur when there is a real hardship impacting the homeowners ability to pay their mortgage - not just because the market value went down and an owner is upside down.
A key part of the short sale process will involve the hardship letter a homeowner will need to provide with their request. The homeowner must be factual and honest. Later on the lender will likely ask for things like a tax return ( a couple of years at least), bank statements, etc.
Don't let your your pride or fear of being turned down stop you from pursuing a short sale if it is justified. However, know in advance, you will need more than a well written letter to get the lender's approval!
If you are facing a hardship and a short sale may be a consideration, call me at 321-693-3850 or email me.
I am not an attorney, CPA or tax adviser. If you have specific questions that require their services, please contact the appropriate professional