If the balance of your 1st loan is more than $729,750 then you will NOT qualify for a HAFA Short Sale. But if you still have a justifiable Financial Hardship, your Short Sale Agent should be able to file a Short Sale application with your lender.
Ironically, there could be advantages to a Regular Short Sale you are no longer subject to the limitation of a HAFA Short Sale such as caps on the Relocation Expense of $3,000. In fact, some lenders such as Chase and Bank of America are offering substantial relocation assistance for as much as $30,000 which is a huge sum.
However, your banks will still require the following documents to qualify you for a Regular or a Non-HAFA Short Sale. These documents are:
Hardship Letter: Hardship is the letter that states your reasons as to why you are no longer unable to make the payments on your home.
Financial Statements: You will need to supply two most recent Monthly Bank Statements showing ALL pages.
List of Assets and Liability: This is a spread sheet that documents your monthly income and expenses along with your Assets such as 401K, Stocks…etc.
Taxes for the Past 2 Calender year
Pay Stubs for the past 30 days or 2 consecutive pay periods
Income/Expense and Asset Statement
Listing Agreement showing your property has been listed with a agency.
Fully Executed Purchase Contract -signed by Buyers and Sellers
HUD 1 – Settlement Statement showing how much your bank will NET
Fully Executed Short Sale Addendum
Contact us for FREE evaluation your eligibility for a Short Sale.