To succeed in short sales you need patience,presistence and problem solving.With more adjustable mortgages ready to reset to higher loan amounts short sales represent a growing sector of the market.Short sales occur when the net proceeds from the sale of a home are not enough to cover the seller's mortgage and closing cost.The seller needs to apply for a seller's submission package with the lender to get their approval of less than their mortgage cost.The bank will need.seller's information consisting of W-2 forms,bank statements,two year tax returns,income and debt obligations,comps of home's estimate value,hardships letter.

The options besides a short sale are proposed by Fannie Mae and Freddie Mac to assist subprime borrowers,lenders will offer loan modifications such as extend term of loan,add on delinquent payments to the principle,reduce interest rate to make loan more manageable.Short sales should be disclose to all prospective buyers.Would you like to prevent foreclosure ? Learn more at www.BGS3.com

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