I'm Considering A Short Sale In Santa Monica, CA.  What Info Does My Lender Need? 

The larger banks, Bank of America, Wells Fargo, Chase, etc., want your financials.  Below is a list of required items:

* 3rd Party Authorization

* Hardship Letter

* Financial Worksheet

* Proof of Income, past 30 days

* Tax Returns, Federal all pages, 2 most recent years

* Banks statements, 2 most recent months

* Listing Agreement

* Purchase Agreement

* HUD-1

This is enough info to get the short sale initiated with the short sale lender.  They will begin the review process for the short sale.  They may ask for your income and bank statements each month until closing.  Each lender is different due to their investor guideline's for each individual loan.  

Extra, special attention should be given when writing the hardship letter.  This is a working document that is used by all parties when doing the short sale similar to a business plan.  I just can't stress how important these letters are to explain your situation.  We spend quite a bit of time in the beginning with our clients to create a solid hardship letter.  That's one of the reasons we have been so successful in getting our short sales approved!  

Considering a short sale in Santa Monica, CA or Southern CA? For a Confidential Call, 310-737-8173 ask for Kristine Halverson of Prudential.