My last post was about what you will need to do get started with a Central California Short Sale. If you didn't read Central California Short Sale Process - Part 1 I urge you to take the time to check it out.
Now that I have the Authorization to Release Information and the Statement of Information there are other documents that the bank is going to want. Remember that not all banks do everything exactly the same way so this is a general overview of what you may need.
Two months Checking and Savings account statements. The last 2 years tax returns. Your 2 most recent mortgage statements for all mortgages. And finally a financial statement.
The first few items are pretty self explanatory, the last one not so much. Some banks will require that the financial statement be on one of their own forms. Others will be ok with the one that I provide to you. Basically the Financial Statement is just a list of your income and expenses. It's really a pretty simple form to fill out. You (and your co borrower if there is one) just fill in the blanks with information like how much you spend on groceries, utilities, insurance, credit cards, etc. Then you enter in how much you make, how often you are paid and any other income you might have. They may also want to know what other assets you have.
Most people are able to get all this information together pretty easily. Once I have all of this information I can start putting together the short sale package that I will need to send to the lender once we receive an offer.
My next post will deal with one of the most important documents that will need to be included in the short sale package: THE HARDSHIP LETTER
If you want more information please be sure to see my Foreclosure VS Short sale chart here. If you have more questions about Central California Short Sales please do not hesitate to contact me.
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