The Lowdown on short sales Part 2
You also have to include a hardship letter, in this you really wanted detail the hardships that you have faith and are facing and why the bank should agree to a short sale versus taking a gamble on whether or not you’ll be able to make good on this note sometime down the line. Be sure to include all mitigating factors such as lost your job you got sick were in the hospital anything that may affect your abilities or may have affected your abilities to earn a living that would help pay off his mortgage.
Statement of income and assets, here you want to be truthful and straightforward detailing to the lender will of your accounts savings checking in any other assets you may have that they will look at before agreeing to a short sale. Proof of income or the lack thereof, again it’s best to be truthful and straightforward they will be able to obtain filings that your employers may have made and it’s best to have that information up front rather than to find out once you’re deep in the process that the process has been declined because they discovered something that you did not disclose.
Current market comparisons, it’s best to include a competitive market analysis markets decline properties decline all calls in home values drop this can be part of the reason why you can’t simply sell your home and pay off the lender you’ll need to substantiate this claim via a comparative market analysis he qualified real estate agent can compare your comparative market analysis which basically shows prices for similar homes in your area, this will include homes that are active on the market, pending sales, and homes that have been sold in the last six months.
Home forclosure shortsale
If everything checks out the lender theoretically should approve your short sale as part of the agreement you should ask your lender not to report this transaction negatively on your credit, while this is a standard request the lending institution is under no obligation to comply unless they explicitly agree to.
Access loss mitigation has performed numerous home short sales, we have in effect reversed the foreclosure process and pre-foreclosed on the lending institutions on behalf of the homeowners by utilizing the short sales process. We would be more than happy to provide a absolutely free no obligation consultation.
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