Georgia short sale FAQ:
A short sale is often the best solution for underwater homeowners who need to sell. The single biggest hassle for most Georgia short sellers is the provision of required paperwork to the lender.
I always remind my clients that, just like getting a mortgage loan in the first place required the submission of applications and documentation, the same will apply when they request that their lender let them out of those loans with a short sale.
Ultimately, more short sales are slowed or even derailed by the sellers themselves. How? It happens when they fail to return the documentation as requested by their lender's negotiator.
Short sale doesn't mean you can take short cuts.
Borrowers seeking to modify their mortgage loans or get a short sale approved need to be diligent in providing the exact documentation that is requested by their lenders.
The problem is that borrowers do not always keep such documents on hand as paystubs, tax returns, W2's, and bank statements. I advise my clients to begin collecting these items in a special file (folder, envelope, even a shoe box will do) as soon as they know they want to short sell. That way, the paperwork is readily at hand when the lender asks for it.
Submit short sale paperwork in a timely manner.
One sure-fire way to slow down your short sale approval is to ignore lender requests for documentation. Don't sabotage your own success. You must document your hardship with appropriate proofs. Be prepared to give your lender the papers and proofs they request.
Some documents that need to go into your short sale file are:
Bankruptcy Papers.
Divorce Decrees
Records of Child Support Payments
Retirement Award Letters
Yearly Social Security Statements
401K Statements
Most recent 3 months of statements for all bank accounts
Most recent copies of all regularly recurring bills
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And more
Submit a complete Budget.
Most lenders will require that all borrowers submit a completed, signed and dated financial worksheet. This worksheet will include information on all income coming into the home. It also includes all expenses, which includes the following:
Car payment
Electricity
Current house payment
Car gas expenditures
Cable
Grocery bills
Toiletry expenses
Car insurance
Health insurance
Doctor bills
Telephone bills
Garbage bills
Gas bills
Any other recurring expenses that are required
Submit complete documents
Another problem can occur when homeowners submit incomplete paperwork. When the short sale processor asks for all pages of a particular document, they mean ALL pages. Even the blank pages of, say, your most recent bank statement need to be submitted. If the last page a processor receives is labeled page 5 of 6, she perceives that you have submitted an incomplete document. She doesn’t doesn’t know that the page 6 is blank unless you submit it.
Every short seller should be made aware of the importance of submitting their paperwork correctly.
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Take action and make an appointment with us today and get yourself started on the path to financial recovery. Our team has specialized training to help Georgia homeowners avoid foreclosure with a short sale. Please contact us today for a no cost confidential consultation.
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