Short Sale Package
The "short sale package" is the set of documents required by your lender to approve the short sale. The purpose of these documents is generally to demonstrate that the homeowner simply does not have the financial capability to make payments on the property. The documents required by each lenders varies somewhat, but the list below is a summary of the primary documents required by most. Many of these documents are provided by the homeowner; some will be created and provided by the realtor.
Homeonwer provides:
- Hardship letter - simple written explanation of your situation
- Two years tax returns
- 2 month current bank statements
- 2 recent pay stubs
- Monthy Income and Expense worksheet
Realtor provides:
- Purchase contract
- Estimated Net Sheet or HUD-1
- Listing agreement
- Letter of 3rd Party Authorization
See a short vido summarizing the documents needed for a short sale by clicking here!
Many lenders are now publishing their short sale requirements on their websites. See links below for some of the more common lenders:
Bank of America:
http://homeloanhelp.bankofamerica.com/en/home-affordable-foreclosure.html
IndyMac or One West Bank - click on "Home Preservation Options"
https://www.chase.com/chf/mortgage/hrm_hafa
CitiMortgage https://www.citimortgage.com/Mortgage/Home.do?page=homeowner_assistance&td=id19132021|1
