But your 1st step should be to contact Department of Housing and Urban Development (HUD) and talk to a counselor about your options to avoid foreclosures.
This is good news cause now your interest in unloading your underwater House is inline with the Bank’s interest to get ride of you as a dead beat owner!
In fact, they are even willing to pay as much as $25,000 in case of Chase Bank and Bank of America as MOVING Assistance.
But to qualify for a Short Sale you have to document:
1) Hardship Letter
2) Financial Statements
3) List of Assets and Liability
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
This is rather ironic since the banks have been struggling to bring the delinquent homeowners to the Short Sale Negotiations table and now that one has volunteered to show up; they are penalizing this owner by ruining her credit.