San Jose Short Sale
We have previously covered the eligibility requirements for a HAFA (Home Affordability Foreclosure Assistance) program in detail, but suffice to say that if the balance of your 1st loan is more than $729,750 then you will NOT qualify for a HAFA Short Sale.
But that’s not the end of the world cause since the your Short Sale Agent can help you file an application for a Regular Short Sale. 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. However, your banks will still require the following documents to qualify you for a Regular or a Non-HAFA Short Sale. These documents are:
1) 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.
2) Financial Statements: You will need to supply two most recent Monthly Bank Statements showing ALL pages.
3) 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.
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
Contact Us for free evaluation of your loan’s eligibility for a Short Sale.