What you must do for your short sale…
- Call your lender to find make sure you can be considered for a short-sale.
- If you are already late on payments, find out when the bank will begin foreclosure and have that information ready.
- Get the contact information for the “Loss Mitigation” department of your bank.
- Write a “Hardship Letter” to your bank and send it to them following their instructions
on where to send it. This is a letter that must be written by you telling why you cannot make your payments and must sell your house now as a short sale. ie:
I’ve lost my job. I’m getting a divorce and cannot make the payments with just one income. My monthly arm payment has gone up and now I can’t afford the monthly payment. –The bank needs to know exactly why you can’t make your payments and it needs to be in writing for their consideration.
- Documentation supporting your hardship situation—a termination letter, disability letter, doctor’s bills, etc.
- Write a letter and send it to your bank giving the Brent’s Team permission to negotiate
- Collect the following information so you will be ready when an offer comes in:
- Your pay stubs for the past 2 months
- Tax returns for the most recent 2 years
- Statements for past 2 months on all of your accounts including:
- List of what you owe on credit cards and/or judgments making it impossible
Again, please be sure that you put your loan number is at the top of every single piece of paper!
Ask your bank if they want this information now or when a contract comes in. Regardless, please put all this in an envelope with Fawn’s name on it and leave it at the front desk of her office or put it in the drop box to the left of the front doors at Realty Executives.
Remember that a short sale can take from 60-90 days after we get a contract. Compiling all of this early can get you to closing much sooner! Typically, lenders have from 300-400 short sale requests daily so you can imagine how busy they are. Doing these tasks early will pay off!
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