When Should You Start Thinking About a Short Sale? Posted on December 1, 2010 by socialmedia by The thought process about completing a short sale should begin when you know you can’t make payments on your mortgage based on your financial status. Do NOT let your payment arrangement go into default status with your lender. Why is it important that you don’t go into default status? A short sale can be as detrimental to your FICO score as much as going into foreclosure if you go into default status. Choosing to commit to a short sale before you miss any current or future mortgage payments can help protect your credit score from decreasing significantly. A short sale isn’t the best method if you want to save your current credit score, but it can be a good process to do less harm to it. Avoiding any risks of further damage could keep you moving forward financially. The timeline to complete a short sale varies and can take a long period of time. To start the process, you need to: Assess the status of your market. Speak with your lender. Contact the appropriate specialists about the transaction (real estate consultant), legal advice (lawyer) and tax consequences (accountant). Submit a “Hardship Letter” to your bank explaining your unfortunate financial status. Prepare your financial records to provide your lender (if requested). The lender has the right to deny your request for a short sale, especially if it sees that you have assets that could help pay the difference (“short”). Find a Shorewest sales consultant who can help you during the short sale process here. Tags: Credit, Credit Score, FICO, Mortgage, Real Estate, Sales, Short Sale Categories: Home Selling, Real Estate News Comments are closed. Home Property Search Map Search About Me My Listings My Recently Sold My Reviews Videos Contact Me Reset Password Enter the email address for your account and we will email you instructions on how to reset your password Email* Reset My Password × Sign In Email* Password* Sign In Reset Password New to myShorewest? Create an Account First Name* Last Name* Email* Passwords must be at least 8 characters Password* Repeat Password* Create Account × Forgot Your Password? Enter the email address for your account and we will email your password to you. Email* Retrieve My Password × Welcome Back Welcome back to your myShorewest account. Take me to my Account Stay on this page × Save This Search Name Your Search* Send me property updates that match this search Email Frequency Every 2 Hours Daily Weekly Login to Save Search Email* Password* Sign In Forgot password? × Help Me Find A Home First Name* Last Name* Email* Phone** What are you looking for in a home? Help Me Find a Home **By submitting this request with a text number, you acknowledge that you may incur fees for the sending and/or receiving of any subsequent text messages between you and a Shorewest agent. Amount of the fees (if any) is dependent on your wireless service plan. × Help Me Sell My Home First Name* Last Name* Email* Phone** Address Message Help Me Sell My Home **By submitting this request with a text number, you acknowledge that you may incur fees for the sending and/or receiving of any subsequent text messages between you and a Shorewest agent. Amount of the fees (if any) is dependent on your wireless service plan. × What's My Home Worth? Example: N11W44100 River Ln, Waukesha, WI 53186 Get A Home Value × Home Valuation Report × Schedule A Showing , , Please complete the contact information below and we will respond to your inquiry as quickly as possible. Date and Time Preference for showing Date Time First Name Last Name Email If you are currently working with a Shorewest agent, please enter the first few letters of their FIRST name and select from the choices that appear. Preferred Phone #** Agent Name Additional Comments or Feedback Schedule a Showing Or contact me directly at: 262.617.3612 or [email protected] **By submitting this request with a text number, you acknowledge that you may incur fees for the sending and/or receiving of any subsequent text messages between you and a Shorewest agent. Amount of the fees (if any) is dependent on your wireless service plan. × Property Notes History Notes for: 2370 N. 100th St., Wauwatosa, WI 53226 MLS #: 23156413 ADD A NEW NOTE Add Note × Property Notes History × Edit Your Property Price Tracker Tracker for W179051 N907151 County Road 187, Chippewa Falls, WI 53224 Set a Price Tracker for this property by entering your target price below. You can esily view your price trackers from your Price Tracker page. Save Price Tracker Price Tracker History Remove tracker Price Tracker for: $10,200,000 Price Tracker for: 12/21/2015 Days On Market: 62 Days Original List Price: $13,000,000 Current Property Price: $12,200,000 Remove tracker ×