First and foremost contact AskForRed.com as early in the process as possible. We have a lot of experience in working with sellers at short sale and helping with loan modifications.
If you need or want to speak to an Attorney first, contact Tom Flaherty of Bacon Flaherty, LLC. www.bfboston.com. Tell him you were referred by AskForRed.com and Red Hilton.
Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what to expect.
Now, if everything goes well, the lender will approve your short sale. As part of the negotiation, you might ask that the lender not report adverse credit to the credit reporting agencies, but realize that the lender is under no obligation to accommodate this request. Credit report status is not always negotiable.
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