When the math doesn't work anymore
Behind on your mortgage? Let's talk through your options.
If you're falling behind or already in default, there are more options than "lose the house" - but the right path depends on your specifics. A short sale is one option. So is loan modification. So is deed in lieu. So is a regular sale, if you have enough equity. We'll talk through all of them - confidentially, no pressure to list.
What a short sale actually is
A short sale is when you sell your home for less than what you owe on the mortgage, with your lender's approval. The lender agrees to take less than the full payoff and release the property so you can sell. It's not the only option when you're upside-down on a mortgage, but it's often a better outcome than foreclosure - for your credit, for your future, and for the bank.
Short sales are negotiated, not declared. Your lender has to approve the sale price, the buyer's offer, and the closing terms. Project Spokane handles that negotiation on your behalf, in coordination with the buyer's agent and the title company. It takes 60–120 days on average. We're transparent about timeline because surprises in this process make a stressful situation worse.
Short Sale
Sell for less than you owe; lender approves.
- Timeline
- 60–120 days
- Credit impact
- Significant - less severe than foreclosure
- Best when
- You can't keep paying and have negative equity
Loan Modification
Renegotiate your loan terms with the lender (rate, term, balance).
- Timeline
- Varies - often 30–90 days
- Credit impact
- Minimal if approved
- Best when
- Temporary hardship; income returning
Foreclosure
Lender takes the house through legal process. You lose the home.
- Timeline
- 4–12 months in WA (judicial) · faster in ID
- Credit impact
- Severe (7-year mark)
- Best when
- Only option remaining, no other recourse
There are other options too - deed in lieu, bankruptcy, or selling traditionally if you have any equity. The right path depends on your specifics. We'll walk through all of them on the call.
Who can do a short sale
Short sale eligibility comes down to four things, and your lender ultimately decides - but here's how it usually works:
- 01
You're behind on payments - or about to be.
Most lenders won't approve a short sale for someone current on the mortgage with no demonstrated hardship.
- 02
You owe more than the house is worth.
If you have meaningful equity, a traditional sale is usually better. Short sales make sense when you're underwater.
- 03
You have a documented financial hardship.
Job loss, divorce, medical, death in the family, military relocation - your lender wants to see why you can't keep paying.
- 04
The property is in a sellable condition.
Doesn't need to be perfect, but the lender wants to know we can actually move it.
If you check three of four, it's usually worth a conversation. We'll tell you straight on the call whether short sale is your right path or whether something else fits better.
How Project Spokane handles short sales
Five stages, in order. We're transparent about where you are at each step because surprises in this process make everything worse.
- Stage 01
Initial consultation
Free, confidential, no pressure. We learn about your situation, your lender, your timeline. We'll tell you straight whether short sale is the right move or whether another path fits better.
- Stage 02
Documentation + hardship letter
We help you gather what the lender needs: hardship letter, financials, income docs, list of debts. We've done this enough times to know what each lender looks for.
- Stage 03
List + market the property
Once your file is ready, we list the property - full marketing package, same as any other Project Spokane listing. Buyers know it's a short sale upfront so we get qualified offers.
- Stage 04
Lender negotiation
When an offer comes in, we submit it to your lender for approval. This is the slowest stretch - 30–60 days of back-and-forth. We handle the negotiation; you don't talk to the bank directly.
- Stage 05
Closing
Once the lender approves, we close like a normal sale. You sign, the property transfers, the mortgage is released, you move forward.
Why work with us on a short sale
Short sales are slow, complicated, and emotionally heavy. We treat them as a real category of work, not a side hustle for slow weeks.
Local lender relationships
We've negotiated short sales with most Spokane-area lenders. We know which banks move fast, which want what kind of documentation, and where the flexibility lives.
No fee from you
Our compensation comes from the seller side of the sale - paid by the lender out of the sale proceeds, the same as in a traditional listing. You pay no listing fee out of pocket.
Confidential by default
We don't put 'short sale' on the for-sale sign. Buyers know it's a short sale when they make an offer. Your neighbors don't have to know anything about your situation.
We won't push you toward this
If short sale isn't your right move, we tell you. We'd rather lose a listing than push someone into a path that doesn't fit.
Common questions
Confidential · No pressure · No fee
Tell us where you are.
Forty-five minutes. Phone or in-person, your call. We learn the specifics - your mortgage, your situation, your lender, your timeline - and tell you what we'd actually do if we were in your position. No one else hears about this call. Not your neighbors. Not your family. Not your lender (yet).
If we're not the right fit, we'll tell you straight and point you to someone who is. Sometimes the right answer isn't us. We'd rather help you find the right path than lock you into the wrong one.
From Matt Brunner
Most short sale pages are written by lawyers or by marketers. I wrote this one. If you're reading it, you're probably in a hard spot - and the last thing you need is another website that talks about your "journey." If you call us, you'll get me or Joel on the phone. We'll be straight with you about your options. Sometimes that means listing with us. Sometimes that means a different agent, a loan modification, or a bankruptcy attorney. We'll help you figure out which.
- Matt
(509) 217-7444Or text SHORT to that number and we'll call you back within the day.