Information Needed For Short Sale
In most cases you are trying to get a short sale approval from a large lender or mortgage servicer. They do not have the ability to look at your individual situation and determine the best course of action. Instead, each company will have guidelines that you must meet in order to secure their approval. These guidelines are different from company to company and the companies themselves continually change there own policies. The following are general requirements that most, if not all lenders will require:
- Loan is in default
- Authorization to Release Information
- Letter of Understanding (cya letter for lender)
- Hardship letter
- Copies of last two years tax returns
- Copies of last two bank statements
- Copies of last two pay stubs for all persons on the loan
- Copy of Listing Agreement
- Copy of Property tax statement
- Copy of purchase agreement
- Loan information
- Preliminary title report
- Most recent investment/retirement statements (i.e., 401k, IRA, Mutual funds, etc)
Since each lender has different requirements and each lender continually changes their own guidelines it is important to order the short sale package from each of your lenders as soon as possible and follow their instructions.