If you are about to enter mortgage foreclosure you should be looking for options to minimize the damage to your credit. One option to consider is a short sale of your home. This option does require third party approval, but it can be the best option for both you and your lender in some cases.

The process that leads to a short sale is actually very simple. It all begins with a homeowner who is unable to make their mortgage payments. For that homeowner the bottom line is that the payment is not, and cannot be made in the foreseeable future. In fact there in all likelihood the homeowner is facing mortgage foreclosure unless something is done.

That mortgage holder who is facing mortgage foreclosure must identify a qualified and willing prospective buyer. The homeowner or a real estate broker can handle this portion of the transaction. It must be a documented agreement. There is also supporting documentation to prepare and submit for approval by the mortgage holder or their agent.

The appropriate documentation is then submitted to the lender for approval. For the homeowner who is facing mortgage foreclosure, it will seem that this step takes forever to complete. The lender may request additional documentation or even an appraisal of the property in question.

Be patient and cooperative. Be sure that you or your real estate agent follow-up. Make sure that all of the required information has been submitted. Make sure that you are doing everything possible to help make the short sale happen. After all, a successful short sale can save you from mortgage foreclosure.

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