Short Sale Info for Suntrust Mortgage

Accurate as of 5/21/2009

Loss Mitigation Phone: 1-800-634-7928 ext. 58791

Loss Miti Fax for short sales and deed-in-lieu: 804-675-3127

Documents:

Required with all sales are an Arms Length Transaction Disclosure which I have for you here.

What your short sale package needs to contain:

• Listing agreement
• Signed Purchase contract
• HUD-1
• Hardship Letter w/ evidence of hardship
• Suntrust-specific Financial Application
• Last 2 Years Tax Returns (complete return)
• Profit & Loss statement for Self employed
• Most recent W-2 or 1099
• Last 2 Pay Stubs
• Last 2 months of bank statements for all borrowers
• Authorization Letter
  • A generic letter will suffice.  Make sure the customer's name, account #, and social security number appear on the letter.

Tips for getting your file through

• Invest in a PDF writer.  This allows us to digitally assemble the file and place page numbers on the top and bottom of every page in big bold numbers.
• Also, place the customer's loan number at the top and bottom of every page
• DO NOT SEND IN INCOMPLETE FILES.  That just slows down the process for everyone else.  They will not accept files without a signed contract.
• On the cover page, type a directory of all the documents contained therein and their page numbers.
• If your contract is messy, make a quick outline for the processor to follow easily.

Update 9/15/09

• Our most recent file was sent to the bank on 5/21/09.  Response was received 8/31/09
  

Charlotte Short Sales