In my previous post on Foreclosure ~VS~ Short Sale {Part 2} I left off with this Question.....
What are the Requirements of a Short Sale ?
The Home Owner Qualifies for a Short Sale with a Short Sale Package.
Here are the required items for a Short Sale
- 2 years Tax Returns ( Signed )
- 2 Most recent pay check stubs with YTD
- Financial Statement
- 2 Months ank statements with bank logo
- Hardship Letter
* A hardship letter is a pitty letter to the lender. This is not a noval.... the letter needs to tell their story to the lender. It needs to be more than " I lost my job " It needs to tell how it has affected the family.
* No Tax returns: Blank paper write Tax returns as the top and explain why they don't have a tax return
* No pay stubs: Blank paper write Pay Stubs on to and explain why they dont have any.. like.. They lost their job. If they have Unemployment or Social Security, get a copy of this to turn in.
* No income, Social Security ect. Find out who is making their payment the payment for groceries, utilities ect.
* No banks statements because the took all money out and closed the account because they were trying to stay afloat.
These are the items needed complete package to do a short sale. These steps alone do not mean your are approved for a Short Sale. This is just the begining of the process.
If you would like more information on Short Sales, please contact
Roland Woodworth of Exit Realty Clarksville
RolandWoodworth@TopProducer.com
www.ClarksvilleHomeInformation.com
Roland is Licensed in both Tennessee and Kentucky.
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