Leo Nordine

Has Sold Over 5400 Properties

Tips From Leo

Short payoffs are easy if you have the right connections. I’ve specialized in foreclosures for 20 years and work with every major servicer. But you’ll have to jump through a few hoops. Firstly, stop making your payments! Your lender will not even talk to you about a short sale until you’re in default. Then immediately list the property for sale (with me!), because the process takes time. It’s VERY important that the house is priced properly. Most agents lowball it, which results in a rejected deal. Then provide me the following:

  • A handwritten financial statement
  • Last 2 years tax returns
  • Last 2 months bank statements
  • Last 2 months pay stubs
  • Hardship letter
  • Copy of last months mortgage statement

After that it’s a waiting game. Eventually the sale will be approved and the debt erased. Your lender will absorb all sale costs (including commissions), and may pay relocation assistance. Your credit score will be lower because of the missed payments, but you’ll be able to buy another home a lot quicker than if you were foreclosed.