San Jose Short Sale

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.