A key part of the short sale process on your San Diego home is the Hardship letter.

In this video, San Diego short sale expert, Gary Kent explains about doing a short sale on your San Diego home.

To complete the short sale process on your San Diego home starts much like when you borrowed on it to purchase it… ONLY the opposite! We need to show that unlike when they made a loan to you, the circumstances have changed.
Generally, we need to prove three key components in the short sale process to prove to the bank that you are not so strong:
1. Hardship – Something has changed in your life that was out of control. This part of the San Diego short sale process is call the hardship letter. We want you to show that the hardship is causing you to need to sell. Typical hardships include: illness, death, divorce, loss of job or hours/overtime, caring for a family member or even and “exploding ARM.” For some banks, the hardship is not as critical as others in the short sale process.
2. Finances – In this part of the short sale process, we will present your current financial situation to the bank. They will look at your income and assets to help them determine if there is a hardship sufficient to approve a short sale on your San Diego home. Remember to always be truthful (do not commit fraud) and share all income and savings and retirement information. Although typically, they might not look to your retirement.
3. Home Value – Again, this part of the short sale process is to prove that you do not have enough equity in your San Diego home to sell it for enough money to pay off the loans. The bank may send out an appraiser or another broker to do a Broker Price Opinion (BPO) to confirm the current home value.
http://youtu.be/SMPavStuk00
To get a quick idea of whether you have equity in your home and/or how long it will take to get back to having equity, please visit www.ShortOrStaySanDiego.com for a quick and free evaluation.
by Gary Kent. Gary has successfully helped well over 200 clients and their families sell their homes or other real estate via a short sale. In 1991, he closed his first short sale for a young family, and since has been helping clients get out of stressful financial situations, escape from “under water” mortgages, avoid foreclosure (and the accompanying stigma), save their credit, and maintain their pride through a short sale. You can find Gary on Facebook, Twitter and Gary Kent on Google+

Gary Kent is a licensed broker in California 00862878 and is not licensed to give legal or tax advice.  You are encouraged to review your situation with the appropriate professional.