When you owe more on your home than it’s worth, you need to sell, and you don't have the financial resources to bring money to the closing table, a short sale may be your best option. Here are some tips to help you navigate your way through the short sale process.
Talk to all lienholders
A short sale has to be approved by any company that has a mortgage or lien against your home. That includes your first, second, or even third mortgage lender, your home equity line lender; your homeowners or condominium association; and any contractors who’ve placed a lien on your home. Make a list and start talking to everyone early in the process. Ask what documents they’ll need from you.