“Last week you explained how short sales work. You mentioned a short sale package that goes to a lender. What goes in the package? ”
***ANSWER:
To show that you can no longer afford to keep the home, the bank requires a “short sale package” from you containing:
– A “hardship” letter
…explaining what has negatively changed in your financial situation that makes you unable to pay the mortgage. This generally must be involuntary, such as divorce, illness, loss of job, etc. Having your interest rate jump up typically also qualifies.
– Documentation of your hardship
…such as divorce papers, etc., if applicable.
– A completed financial statement
– Copies of last 2 pay stubs for all borrowers
– Copies of 2 years of federal tax returns, including all schedules
…to document your income
– Copies of 3 months of bank statements for all borrowers
…to show that you don’t have much cash on hand. If you have much over a few thousand $$$, the bank deny you or want you to contribute to the shortfall
If you’re thinking of doing a short sale, call me at (858)457-KENT and either I or an associate will be happy to help you.
Easy, Low-Cost, Profitable San Diego Real Estate Fix-Ups
