Documentation Required for a Short Sale
Upon listing your home with a Realtor, you will need to supply your lender with a short sale package which includes all of the following items. This is an important point – ensure you are using a Realtor who is experienced in the short sale process and all the ins and outs. As a North Kingstown short sale agent, I work with a legal team that gets short sales done for their clients in a reasonable time frame. Call me to discuss your sale options
The sooner you get your documentation in order, the sooner the lender will start reviewing your file, as follows:
- The Hardship letter – in this letter to the lender from the homeowner you will explain the hardship being experienced, reasons why you can not continue to make mortgage payments and request a short sale on the home from the lender. This letter should be as detailed as possible with dates and any documentation should be copied to be supplied with this letter.
- Bank Statements – the two most recent statements should be copied and provided to the lender.
- Tax Returns – the two most recent year tax returns as well as W-2’s must be provided.
- Work Pay Stubs – the two most recent pay stubs from work include.
- Current list and documentationof Financial Information: bills, loan payments and household budget supporting the request for hardship status (hospital/and or medical bills, unemployment status, etc.)
- Market Analysis on your home from a Realtor or an appraisal company supporting your current listed price.
- Real estate closing attorney needs to supply an estimated HUD-1 sheet showing the expenses related to the house sale with the homeowner receiving zero dollars or less when the transaction is complete.
- As a buyers’ offer is received on the listed home, a copy of the completed sales agreement with earnest money from the buyers plus loan commitment needs to be provided to the lender.
If you have stopped paying your mortgage, call me NOW! Do NOT let foreclosure happen to you, there are alternatives and I can help you with them at no cost to you. Do not go to anyone who is charging you monies to short sale your home.
Ginny Lacey Gorman is a North Kingstown short sale agent. I work exclusively for you, the seller, to push the short sale through the lenders process with my negotiator and legal team. I work hard for my short sale clients in making the short sale happen successfully. Call me at 401-529-7849 to have a confidential conversation with me if you are upside down on your mortgage or have a hardship and can not meet your mortgage payments.
