Posts Tagged ‘short sale documents

24
Dec
09

What will I need to apply for a Short Sale?

Your lender will determine which documents are  needed in order for you to start your short sale process.

Traditional items that are needed include, but are not limited to:

  • Pay stubs
  • Bank Statements
  • Tax Returns
  • Hardship Letter
  • Market information (obtain from Realtor)

These are just some of the major requirements to apply for a short sale.  Your bank may also ask for IRA, 401K and any other investment accounts you may have.

Contact us and we will be glad to walk you through the process.

Keep your head up and your heart light!

Short Sale Diva

11
Dec
09

Short Sale Nuts & Bolts

If you are one of many Americans having to deal with short sales, then you are in the right place.

A Short Sale is when a homeowner sells their home for less than what is owed on the mortgage.  You have to request that your lender approve your short sale before you can officially sell your home for a lower amount than what is owed.

First of all, you must have a legitimate hardship.  The following are considered legitimate hardships:

  • Loss of job
  • Reduction in income (salary, or self-employment)
  • Divorce
  • Mortgage Rate adjustment
  • Other

If you are experiencing any of these situations, call your lender immediately! They will inform you of the procedures on how they conduct their short sales. 

If you wish to remain in your home, there are modification programs that are available for your relief.  Your lender will be able to offer you other options such as a reduction in payment, putting the past due balance on the end of the note or reducing your interest rate.

There are tons of paper work that you will need to submit to your lender.  I will cover that in the next blog. 

Please do not think that this is a fast process.  Just because it’s called a short sale doesn’t mean it will be a short process.  So be prepared to WAIT!.

I am here to help you with you the process.  Once you compile all of the paperwork, I will handle the rest.

Until Next Time,

Keep your head up and keep your hearts light.

Short Sale Diva




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