When you are attempting to do a Nashville Short sale, your mortgage company will require certain financial information from you. This financial information will include your most recent paycheck stubs (if applicable), last two years tax returns, and your most recent bank statements. Your mortgage company may also ask for a statement from any investment accounts or retirement accounts that you have. Proof of disability and unemployment insurance income is also required if you are receiving this type of income. The mortgage company/bank wants to examine your financial status to first make sure that you qualify for a short sale (to verify that you really are in distress). Secondly, the mortgage company wants to see if you have any means to pay back the deficiency balance or the shortage. With the current state of the economy, I advise all of my Nashville short sale sellers to anticipate the mortgage company asking for some sort of contribution from the seller in either a lump sum at closing or possibly a promissory note paid back over 2-5 years. This is the reason for the request for financial information.
If you are considering a short sale for your property, it is best to go ahead and have these documents ready for your short sale professional because you will be required to provide your financial information.
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