The first thing you need to do is to contact your lender. In addition to showing that you intend to resolve this matter honestly it will also show that you want to satisfy the loan balance on your home the best you can. The next step is to contact an accountant, a real estate attorney, and an experienced and qualified realtor. A local realtor will able to recommend both an accountant and an attorney to help you with the short sale process that requires a practicing law expert. We will help you during the short sale process and offer you recommendations and guidance and will ultimately be the success to the success of your short sale. You also need to determine if you are qualified for a short sale by having an analysis done of your financial situation.

• Letter of Authorization: A lenders won’t disclose your personal information without your authorization. Since there are so many parties that are involved in a short sale, a letter of authorization is needed to share information. This letter of authorization should include your real estate agent’s name and contact information, the date, your contact information, the loan reference number, and the address of the property.
  
  
• Preliminary Net Sheet: This is an estimate of the expenses associate with the sale of your property and the sales price, including any unpaid loan fees and balances. If you don’t know how to calculate this information, a qualified realtor can help.
  
  
• Proof of Income: Additional real estate that you may own, information regarding investments, and cash on hand should be provided to your mortgage lender. The mortgage lender will require that you to fully disclose your financial situation so that they can to determine if your debt is worth forgiving. Any evidence or document that you can provide, including copies of late bills, diverse papers, and pawned merchandise receipts may be considered. 
  
  
• Comparative Market Analysis (CMA): If the property values fall and the market declines it will frequently affect your ability to sell your home at a price that will satisfy the full loan amount. Providing this information to a mortgage lender, by means of a CMA report that has been prepared by a real estate agent, will show that the cost of homes in your area that are similar to yours that have been sold in the last six months or are currently for sale. A realtor can help you to provide this information.