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SHORT SALE

PRE-FORECLOSURE

A short sale is an alternative to foreclosure.  If agreed to by Trustmark, a short sale allows you to sell your home for less than the balance remaining on your mortgage.   You pay off all or a portion of your mortgage balance with the proceeds from the sale.  You may be required to make a financial contribution in order to receive a short sale. 

A short sale may be an option for you if you are ineligible to refinance, facing a long-term hardship, behind on your mortgage payments, owe more on your house than it is worth, have not been able to sell your house at a price that covers what you owe, or you can no longer afford your home.

BENEFITS OF A SHORT SALE

• You eliminate or reduce your mortgage debt.
• You avoid the negative impact of foreclosure.
• In some cases, relocation assistance may be available.
• You may be able to purchase a home sooner through a Fannie Mae mortgage than you would be able to if you went through a foreclosure (approximately 2          years versus 7 years).
• You can start repairing your credit quicker with a short sale rather than with a foreclosure.

HOW IT WORKS

In a short sale, you will work with Trustmark and a real estate agent to market and sell your home.  We will work with you and your agent to:

• set the sale price of your house based on current market value,
• collect financial information and negotiate with other lien holders, such as your second mortgage company, if applicable,
• review acceptable offers,
• agree to the terms of the sale once a buyer is in place, and
• work with the buyer’s real estate agent and mortgage lender to finalize the sale.

A short sale may take up to 120 days to complete.  The length of time involved will depend upon your specific situation. 

In some instances, homeowners may be eligible to receive relocation assistance to use toward moving expenses and to make the transition to new housing easier.

STEPS TO FOLLOW

1 - GATHER YOUR FINANCIAL INFORMATION

Have the following basic financial and loan information on hand when you contact Trustmark. 
• Your mortgage statements, including information on a second mortgage (if applicable)
• Your other monthly debt payments (e.g., car or student loans, credit card payments, etc.)
• Your income details (paystubs and income tax returns)

2 - EXPLAIN YOUR CURRENT SITUATION

Be ready to outline your current hardship, explain why you are having trouble making your mortgage payment, and whether this is a short-term or long-term problem. We need to understand the reasons why you are having difficulty in order to find the right solution for you.


3 - CONTACT TRUSTMARK

Contact us at 1.866.229.1656 and tell us you are interested in a short sale and would like to see if you qualify.  You may also contact the Fannie Mae Mortgage Help Network.

4 - CONTACT A LICENSED REAL ESTATE AGENT


If you have not done so already, contact a licensed real estate agent and tell them you are interested in listing your home for sale.

Trustmark National Bank is required by the Fair Debt Collection Practices Act to inform you that if your loan is currently delinquent or in default, as your loan servicer, we will be attempting to collect a debt and any information obtained will be used for that purpose. However, if you have received a discharge, and the loan was not reaffirmed in the bankruptcy case, we will only exercise our right as against the property and are not attempting any act to collect the discharge debt from you personally.
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