Short sales require lender approval, that much you know. Some of the things a lender requires on a short sale are a hardship letter explaining why you can no longer pay your mortgage payment, recent bank statements, most recent pay stubs, and a financial worksheet listing your income and assets.
Today we'll cover that financial worksheet. You must be truthful and upfront about your situation with the lender. They can and probably will verify some of these things. It's a small world and most information is only a phone call away. When a lender sends a counter offer on a short sale they sometimes ask the seller to bring money to closing. This might be possible, or it might not, depending on the situation you are in. Everyone has a different set of circumstances and every case is different. There is a chance you can get the lender to waive any deficiencies so that your debt is settled. However, if you hide income or assets from the lender during the short sale process don't be surprised if you get some unpleasant mail.
If a lender fins out you are hiding these things during the process it will slow down the process of getting the transaction to closing or could lead to it not closing at all. Disclose everything and let your short sale agent work with the lender in trying to get a good result.
Here are some more articles about some things you as the seller can do to have more success when selling your home as a short sale.
A Short Sale Is Still Your Home Part 1
A Short Sale Is Still Your Home Part 2
A Short Sale Is Still Your Home Part 3
Short Sale Shortfalls; Slow Response To Document Requests
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Mortgage Assistance Relief Services Disclosure
Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
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