To qualify for a Short Sale by a lender, you will need to document Financial Hardship to your lender. But before you start any Short Sale process, you should contact the US Department of Housing and Urban Development (HUD) which has Homeowner Assistance Program.
In fact, HUD will assign a Counselor to help you navigate your options and they can also initiate a contact with your lender to explore ALL your options. Once you have concluded that Short Sale is your best option to avoid foreclosures, then you need to document the Financial Hardship that’s preventing you from making your mortgage payments. With the help of your Short Sale Agent, you can then develop the following documents that can be submitted to your lender to start your Short Sale process. These documents include: 1) Hardship Letter 2) Financial Statements 3) List of Assets and Liability 4) Pay Stubs for 30 days 5) Taxes for the past 2 years 6) Income & Expense Statement 7) Listing Agreement 8) HUD -1 Settlement Statement 9) Fully Executive Purchase Contract 10) Fully Executed Short Sale Addendum However, integral part of developing a marketing strategy is to get the right Home Value that will increase the chance of Short Sale approval. After all, it’s crazy to develop a strong Short Sale application only to be forced to sell the house multiple times since you can NOT get an approved price from your lender. Contact Us to explore all your option to avoid foreclosure. [maxbutton id=”2″]