Short Sale Package

Getting a short sale package together can be a chore, but if done correctly it can yield you a huge return. Every mortgage company has slightly different requirements but they typically all ask for some of the same things.

The best way to find out exactly what the bank's requirements are for a short sale package is to ask.

You first get an authorization to release information, which allows you to access the account. Once authorized you ask for the loss mitigation department and request their requirements for a short sale. Some banks will actually require you to use their authorization document, but it isn't very common.

Typically, a package consists of the following:

- Authorization to release information

- An agreement of sale to purchase the property

- HUD 1 settlement statement estimate of closing costs

- Pay stubs

- Bank statements

- Budget sheet, including income and expenses

- Past two years tax returns

- Recent pay stubs

- Letter of financial hardship

Some mortgage companies will fax you exactly what their requirements are. Some will even include worksheets to fill in and sign. Either way, it is best to have the homeowner get the above documents to you as soon as possible because they may be requested later on.

Every mortgage company will have different requirements for a short sale, so each package will be different. Asking the negotiator assigned to the account is the best way to find out.

There are resources that can provide you with the short sale documents you need to get started.

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