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Short Sale Training Boot Camp for the Underwater Mortgage Homeowner

Guest post by: Bud Gragg

Article Overview: Before you start down the long road of doing a short sale to get out from under your underwater mortgage, there are a few things you need to learn and other things you need to do. Don't worry-we know you'll be able to get through this.

Short Sale Training Boot Camp for the Underwater Mortgage Homeowner

Before you start down the long road of doing a short sale to get out from under your underwater mortgage, there are a few things you need to learn and other things you need to do. Don't worry—we know you'll be able to get through this.

We're both Realtors, and while our training and connections certainly helped us, we've also seen more people than we can count get through short sales and come out the other end smiling.

Just like in boot camp, the first thing you need to work on is your mindset. When you're facing an underwater mortgage and financial troubles, you have to stop thinking like a homeowner and start thinking like a business person.

What do we mean by that? Well, consider for a moment the way your mortgage lender looks at your house. Your house isn't memories to your lender,

and it doesn't represent the feeling of accomplishment you had when you walked into your house, key in hand, for the first time.

To your mortgage lender, your house is just numbers and a description on a few pieces of paper.

And while it might be painful at first for you to look at it this way, in a short sale situation you have to look at your house the way the bank does.

My wife, Kristin, specializes in short sales now, and this is a struggle she sees people having all the time. But what's worse—giving up the house or giving up your financial future?

Because if you're having financial difficulties and you have an underwater mortgage, that's the decision you're faced with right now. If you wouldn't be willing to risk your life to save your house, why risk your future to save it?

This mental toughness comes into play when you're listing your home for short sale. Your home is only worth what someone else is willing to pay for it, and not a penny more. So be realistic about this. Follow your Realtor's advice about the true value of your house. Getting out from under your underwater mortgage depends on it!

Of course, the other place your new mental toughness has to come into play is with your mortgage lender. You're going to need to stay strong in the face of bank employees who still may not get the fact that ordinary people are now playing by the same rules that large institutions play by. When a mortgage is underwater and people can't pay anymore, they're walking away.

Just like large businesses do. This is a business decision, it's not a moral one. You need to look out for yourself just as your mortgage lender looks out for their own best interests.

And just as you get in awesome shape when you're going through a real boot camp, in short-sale boot camp, you're going to have to get your financial house in order. Make sure you're paying your other bills on time to protect your credit rating. And be sure to close any other accounts you have with your mortgage lender!

With the proper mindset, the proper preparation, and help from your Realtor, getting out from under your underwater mortgage through a short sale can be a relatively easy process. We can't guarantee it will be a fast process, mind you—it can take up to a year to close a deal. But given that you'll be saving the money you otherwise would have paid on your underwater mortgage, that wait seems pretty reasonable!

Feel free to contact us and we’ll help you find an experienced, professional, certified, short sale Realtor in your area. Not all Realtors are created equal, especially when it comes to a short sale.

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  Coming Soon to Your Neighborhood: Falling Home Values Mean More Underwater Mortgages
  Short Sale? Foreclosure? Options for the Underwater Mortgage Holder
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  Business Acumen Boot Camp is not for Sissies
  Short Sales 101: What You Need to Know
  Rebuilding Your Credit after Foreclosure on an Underwater Mortgage
  How Long Can I Stay in My House and Other Underwater Mortgage Questions Answered
  What is an Underwater Mortgage?
  LTV: The Key to the Underwater Mortgage
  What to Do before Foreclosing on or Short Selling Your Underwater Mortgage
  Need Underwater Mortgage Help? Here’s Where to Turn
  Looking for a Simple Short Sale Definition? Here It Is!

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Referred by: http://www.meetkarennewman.com/



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