When a short sale is your only option there are are some guidelines you need to follow and specific people you need to talk to. The lender/loan servicer needs to be contacted as soon as possible. When there is a situation that the payments have not been made towards the mortgage for a significant amount of time and/or there has been a Notice of Trustee Sale recorded, there is more difficulty when trying to complete a short sale. It is a good idea for the homeowner to meet with a real estate attorney and a qualified tax adviser to have a clear understanding of their individual situation.
The homeowner needs to have their information ready before meeting with the mortgage company. The homeowner needs to have an explanation ready regarding their current financial situation and demonstrate their inability to make mortgage payments. There are many short sale programs that can be found on the internet available to people looking into short sales.