Submitting A Short Sell Package

How To Qualify And What Is Necessary to Submit A Short Sale Package To Your Lender

Gather your documents.  You will be asked for financial information to determine what kind of help the government can offer.

Your list may vary, but be prepared to present:

  • Income documentation, including your two most recent pay stubs or your P&L if self employed to prove your year-to-date income.
  • Information about your expenses, including any other mortgages on your home.
  • Recent bank statements and documentation of your assets

An example of some of the documentation that you may be required to provide includes, but is certainly not limited to, the following:

  •  Letter of Authorization – Lenders will not disclose your personal information without your authorization to do so. With so many parties involved in a short sale, a letter of authorization will aid in cooperation and information sharing. The authorization letter should include the address of the property, the loan reference number, your contact information, the date, and your real estate agent’s name and contact information.
  • Preliminary Net Sheet – This is an estimate of the sales price you expect and the expenses associated with the sale of your property, including unpaid loan balances and fees. A qualified Short Sale REALTOR® will be extremely helpful.
  • Proof of Income – Bank statements, savings accounts and information regarding investments, cash and additional real estate you own, should be provided to your lender. Your lender will require full disclosure of your financial situation in order to determine that your debt is worthy of forgiveness. Any document or evidence you can provide, from receipts for pawned merchandise, diverse papers, copies of any late bills and more, can be taken into consideration.
  • Comparative Market Analysis (CMA) – When markets decline and property values fall it often affects your ability to sell your home at a price that will satisfy the total loan amount. Providing this information to a lender through a CMA report prepared by your real estate agent will show the price of homes similar to yours that are currently on the market, are pending sale, or have been sold in the last six months. Again, a REALTOR® will be a valuable partner in providing you this information.

 

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