Short Sale

Short Sale

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.


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