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Joseph Lam
Joseph Lam - 800-399-9577
What's The First Step? 

First and foremost, contact your lender. This will aid in future communications by showing your intent to resolve the matter with honesty to satisfy the loan balance on your home to the best of your abilities. Secondly, contact a qualified and experienced REALTOR®, an attorney, and accountant. As a local REALTOR® and expert we may be able to recommend both an attorney and accountant to assist you with the activities in the process that requires a practicing law expert. Our team will be an incredible ally in the process, offering guidance and recommendations and ultimately being a key to the success of a short sale.

You should also determine if you will qualify for a short sale by undergoing an analysis of your financial situation.

An example of some of the documentation that you may be required to provide includes, but is certainly not limited to, the following:

  • Letter of Authorization - Lenders will not disclose your personal information without your authorization to do so. With so many parties involved in a short sale, a letter of authorization will aid in cooperation and information sharing. The authorization letter should include the address of the property, the loan reference number, your contact information, the date, and your real estate agent's name and contact information.

  • Preliminary Net Sheet - This is an estimate of the sales price you expect and the expenses associated with the sale of your property, including unpaid loan balances and fees. If you are unsure of how to calculate this information, a qualified REALTOR® will be extremely helpful.

  • Proof of Income - Bank statements, savings accounts, and information regarding investments, cash, and additional real estate you own, should be provided to your lender. Your lender will require full disclosure of your financial situation in order to determine that your debt is worthy of forgiveness. Any document or evidence you can provide-from receipts for pawned merchandise, diverse papers, copies of any late bills, and more-can be taken into consideration.

  • Comparative Market Analysis (CMA) - When markets decline and property values fall it often affects your ability to sell your home at a price that will satisfy the total loan amount. Proving this information to a lender through a CMA report prepared by your real estate agent, will show the price of homes similar to yours that are currently on the market, are pending sale, or have been sold in the last six months. Again, a REALTOR® will be a valuable partner in providing you this information.

If you need any help gathering this information, please feel free to contact us at any time!

Brought to you by:

Joseph Lam CalBRE#01077762

The Joe Lam Team
Alliance Bay Realty

1922 The Alameda, #208
San Jose, CA  95126
800-399-9577

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Disclaimer: The information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR®, attorney, and tax expert.

FTC Disclosures

IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.

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