| The big wave of foreclosures is still to hit Midwest | | | | the top of usual delays because of the fault of |
| states like Illinois or Wisconsin in the near future, | | | | banks). |
| possibly in the beginning of 2010. The best way to | | | | 4. When you call your bank, make sure you are |
| avoid foreclosure in particular is to sell your house | | | | talking to the particular person (negotiator) who is |
| during a process called a short sale. There are | | | | handling your application. Get all your questions |
| some crucial moments you need to know in order | | | | answered during one phone session with your |
| to sail through the process as soon as possible. | | | | negotiator. Otherwise, don't be surprised if the |
| 1. The success of a short sale process is in the | | | | next time you get to speak to him or her is after |
| package. | | | | a month or two. |
| If you want to sell your house fast, your short | | | | 5. Send your package over the fax and also via |
| sale package must be impeccable. That means | | | | certified mail. Due to a huge workload, |
| you have to submit the correct package from | | | | representatives handling applications often forget |
| the beginning. Even smallest mistakes, like a | | | | to enter the data into their system. When asked |
| missing page, can stall the sales process for | | | | about it, they usually claim they have not |
| months. Banks are overwhelmed by home | | | | received the package, as they cannot find any |
| owners' requests. If a negotiator checks on your | | | | records about it in their computers. Have your |
| file and finds something missing, he or she might | | | | certified mail stub ready and confront them. |
| come back to your file in a couple of months, | | | | 6. Contact the bank to inquire about the status of |
| even thought you send the missing piece of | | | | your application at least twice a week. Be |
| paperwork in two days. | | | | prepared to spend up to one hour on hold why |
| 2. Every bank has different requirements when it | | | | trying to speak to a representative every time. |
| comes to what must be included in the package. | | | | 7. Consider looking for an experienced agent with |
| If you are trying to submit it yourself, make sure | | | | proven record in short sale. Success and speed of |
| to find out exactly what your bank needs in order | | | | a short sale process lays in negotiations. If this is |
| to deem your package complete. | | | | not your strongest side, hire somebody who is an |
| 3. Incomplete package results in extra delays (on | | | | expert in the field. |