What documentation will I need to begin the Short Sale process?
Initially, we will need the following documents from you, the seller, to get the short sale process started:
A Hardship Letter: This is a written explanation of what event or circumstance that has caused you to either be unable to sell your property for more than what is owed or fall behind on your mortgage payments. (Please see "What is a Hardship for examples that a lender may consider.) This letter does not need to be a two or more page "book" on your life. A brief, sometimes one paragraph, direct explanation will often suffice.
Copies of all most recent mortgage statements on the property. This includes first and second mortgages, home equity loans, home equity lines of credit, outstanding contractor bills/mechanic's liens and home owner's association dues billing statements.
Copies of the most recent two months of your personal bank statements.
Copies of your most recent pay stubs covering at least four weeks. (If you are self employed, the bank will most likely ask for a year-to-date profit and loss statement.)
Copies of your most recent tax returns, W-2's, 1099's, K-1's, etc. (If you haven't filed yet, you will need a copy of the extension request or a signed statement as to why you haven't filed yet.)
There will be additional documents that we will need you to sign, to which we will prepare each document, explain each in detail and certainly allow you the needed time to review each thoroughly.
It is that simple to get the process started and be one step closer to having your problem solved. What are you waiting for?
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