I has a client ask would it be possible to do a short sale without providing the bank any income and asset documentation.
I previous experience in trying to accomplish this was with National City, and it was a definite no. Has anyone, accomplished this recently. I'd be curious to know who the bank was, and your approach.
Thanks for the help.
I am a CSSS and let me tell you if you do not submit a financial package & letter as to why they can not afford the house you will not get them to look at the package. You must have it all.
You can try to submit the offer but unless they have the full offer the bank will not look any further..
In my experience, the lender requires those items in addition to a hardship letter.
In my experience, I haven't been able to make one work without the proper documentation.
Not sure why someone who is in that situation would be unwilling to put together docs ?
You probably can't get around the income documentation step but you can try to submit the financial worksheet without completing the asset & liability section.
Bob, Carolin,
My guess is that they don't want the bank to use the information they provide against them, if they short sale isn't approved in an acceptable manner to the seller.
Michael,
I've submitted the financial worksheet before without the paystubs, w-2s, and tax returns, but they eventually ask for it all before giving an approval.
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