You will need verification of your economic condition prior to getting the process started.
You will need to write a hardship letter that states why you feel that you need to do a short sale.
Also if you are having an outside party assist in the process you will need to put it in writing. This will provide authorization for others to contact your lender and speak to them on your behalf.
Time is of the essence as there are thousands of people in the same predicament. It is imperative to stay on top of this as yours is not the only file they are dealing with.
The time varies from lender to lender. Some are 60-90 days for response others may take longer.
The next step is to get your home ready to sell. Let’s face it even though you are selling your home for less than what you owe, buyers out in today’s market have tons of inventory to choose from.
If you want it to sell fast, not only does it need to be priced right you need to have it looking like a model home.
Clean up the yard, trim the hedges, paint the shutters and front door, make it look inviting to come in.
Then start on the inside, go from room to room and get your home cleaned up and staged to sell.
This needs to all be done while the process is going on with the lender.
I always say the first impression is a lasting one.