Are you struggling to make your San Jose house payment? Are you exploring a Short Sale?
Well, one of the most critical requirements for a Short Sale is financial hardship. But before you initiate a Short Sale with your lender, 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. Ironically, HUD counseling is required by most lender before they can approve your San Jose Short Sale.
Now that you have completed your conversation with HUD, you will need to prepare 10 documents that will be required by your lender before they can assign you Short Sale negotiator :
1) Hardship Letter
2) Recent Financial Statements (past 30 days)
3) Personal P&L (List of Assets and Liability)
4) Last 2 pay stubs (30 days if you get paid bi-weekly)
5) State and Federal Income 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, without knowing your Home Value it might not be wise to start your Short Sale since the recent rise of home prices, might eliminated the deficit in your Home Value.
Contact Us to explore all your option to avoid foreclosure.