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If you owe more on your mortgage than the home is expected to sell for, contact the company that collects your payments and request its short-sale application and submission instructions. That company is usually the mortgage servicer—not necessarily the loan’s owner or the original lender. Submit the complete package the servicer requests, then confirm in writing who must approve the sale and whether any remaining debt will be waived.
A short sale is a sale of your home for less than the remaining mortgage balance. It requires approval and means you will leave the home; it is one possible alternative to foreclosure, not a way to keep the property. The Consumer Financial Protection Bureau (CFPB) defines it as “a sale of your home for less than what you owe on your mortgage.” CFPB: What is a short sale?
Who should receive your short-sale request?
Start with your mortgage servicer, the company named on your recent mortgage statement and the one that receives your payments. The servicer handles the assistance process and can tell you where and how to submit a request. The loan may be owned or backed by another company, whose approval may also be required.
Call the number on your statement or use the servicer’s official website to reach its mortgage-assistance or loss-mitigation team. Say that you want to request short-sale approval and ask the servicer to identify the loan owner or backer if you do not know who it is. CFPB guidance says the servicer must provide the owner or backer’s name and contact information. CFPB: Find out who owns your mortgage
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How to submit the offer and supporting documents
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Request the servicer’s current instructions
Ask for its loss-mitigation application, short-sale checklist, accepted submission methods, and any deadlines. There is no universal short-sale offer form or standard document checklist established by the CFPB guidance; follow the servicer’s current requirements rather than relying on a buyer’s offer alone.
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Complete the application and assemble the package
Provide the materials the servicer requests, including relevant hardship and financial information. Be prepared to explain why payments have become difficult and discuss income, expenses, assets, and whether the hardship is temporary or permanent. CFPB: Options to avoid foreclosure
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Send the package through the instructed channel
Submit the application and supporting documents using the servicer’s stated method. Keep a full copy, note the delivery date, save any confirmation number, and record the names of people you speak with. Ask how to check whether the package is complete and who will contact you about missing information.
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Track approvals and transaction terms
The servicer and loan owner must approve the short sale. If there are other mortgages or liens on the home, their servicers may also need to approve the transaction and how their balances will be handled. Ask which parties must approve the proposed price, closing costs, timing, and any payment to a lienholder. CFPB: What is a short sale?
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Review the written approval before signing or closing
Check the approved sale terms, expiration date, closing conditions, and treatment of any balance that remains after the sale. If the lender agrees to waive a deficiency—the amount still owed after the sale—get that waiver in writing. A short sale does not automatically mean you owe nothing more. State law and your loan documents affect whether a deficiency can be collected, and tax consequences may apply; seek advice from a local attorney or tax professional about your circumstances. CFPB: What is a short sale?
What if a foreclosure sale is already scheduled?
Submit a complete loss-mitigation application as early as possible and do not assume that requesting a short sale automatically pauses foreclosure. Under the CFPB’s general rule, a complete application received more than 37 days before a scheduled foreclosure sale generally requires the servicer to send a written response within 30 days. The general rule may not require review of an application received later, and other requirements may apply depending on the mortgage and circumstances. CFPB: What if I have a foreclosure sale date?
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Where to get help—and how to avoid foreclosure-relief scams
HUD-approved housing counseling is available at no cost and can help you understand options and communicate with your servicer. CFPB warns borrowers that they should not have to pay anyone to help avoid foreclosure. Treat upfront fees, guaranteed results, requests to sign over your title, or advice to stop paying your mortgage as warning signs. CFPB: Options to avoid foreclosure
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