Short Sale Information Package:
The Bank's decision
will be based on the information you provide.
Once you have decided to sell your
home using the short sale process, we will gather all the relevant paperwork and submit it to the loss mitigation department.
In the early stage of the Short Sale process, you may not have contact with the loss mitigation department, you may have limited
contact with the general information phone receptionist.
Generally, Banks will
not consider approving a Short Sale unless the homeowner is in arrears (behind on payments) at least two months, and has a
verifiable financial hardship, however, as more homeowners are struggling with falling market values and job losses, they
are becoming more flexible with their approval guidelines for short sale transactions.
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Short Sale Documentation
Required:
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1)
Hardship Letter
2) Letter Of Authorization (authorizing lender to
speak with us)
3) Last two months Bank Statements (all accounts)
4) Last two Pay Stubs
5)
Two year Tax Returns
6) Executed Sale Contract
7) Buyer Pre-Approval Letter
8)
HUD-1 Settlement Statement/Net Sheet
9) Arms Length Transaction Disclosures
10) FHA PFS Participation Disclosures
11) As-Is
Disclosures
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There
may be additional information requested when the Bank is analyzing your current financial status.
