Short Sale
Documents
To begin negotiations with your
lender, we need to provide your lender with the information they
have requested in order for the short sale package to be
acknowledged. Your lender requires the following to be included
in a short sales package:
1) Recent mortgage statement
or coupon
2) Two years tax returns
3) Two months bank statements
4) Two recent pay stubs
5) Freddie Mac Borrower Financial
Information form
6) Authorization to Release
If you don't have something
from above, please complete an explanation letter. You will also need to write what is
known as a hardship letter. The purpose of this letter is to
inform the bank of your current financial status and why you are
currently unable to make your mortgage payments. If you were not
able to provide any of the following materials listed above,
please reference them in your letter with an explanation. The
following format for the letter is offered as a suggestion:
To Whom It May Concern:
1st paragraph: I can no longer
afford the property at _______________________________________.
2nd paragraph: Describe at least
three reasons that you will no longer be able to make payment. If
youdo not have a job, or a bank account this needs to be
included. Generally, this paragraph may be 4-6 sentences in
length.
Sincerely,
This
information will make up the body of the short sale package that
we send to the bank. A loss mitigator will need to review this
information before ordering an appraisal (BPO).
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