You need the Flash plug-in in order to see this feature

The Short Sale Package - What Every Potential Short Sale Seller Needs to Know

Posted by Leslie Eskildsen on Wednesday, August 12th, 2009 at 10:34am.

What Every Seller Must Have to Request Your Lender to Consider a Short Sale

Once you have come to the conculsion that a Short Sale is the best option for you, there are documents you need to provide to your Realtor.  Your Realtor will represent your case to your lender, but you have some work to do up front to give yourself the best chance at being successful with a Short Sale in order to avoid foreclosure.

The following documents necessary to submit what is known as the Short Sale "Package"

  • The past 2 months Mortgage Statements (from all mortgage holders including HELOCs)
  • The past 2 months of bank statements, including savings accounts
  • The past 2 years tax returns
  • The past 2 pay period pay stubs for all wage earners who contribute to the household income
  • A hardship letter explaining in detail what has changed in your financial picture to cause you to exlore this avenue - divorce, job loss, death in the famil...
  • A Financial Statement outlining all household income and expenses - this should be accurate, detailed, and verifiable.

Incomplete, outdated, and missing information will most certainly cause an already slow process to slow down even further - which only hurts your chances of being successful with your Short Sale - so do your self a favor and get all of your ducks in a row up front!

 

Be the first to comment on this blog entry!

Leave a Comment