Short Sale Woes!
July 29th, 2007 . by Mike KellyIf you are considering a “Short-Sale” or asking the lender to take far less than the properties value and/or the loan amount, you’ll need to demonstrate to them your financial plight.
The lender is NOT going to allow a “short-sale” or discounted loan payoff if you’re rolling in bucks! Just because the loan payment is too much for you and the value of the home has fallen, if you have finances and assets available to you lots of luck! But if you’re hard up against it the lender is going to want to see:
Two years tax returns–the most recent ones
Two Months bank Statements
Two months paystubs
Personal Financial Statement
Hardship letter
Plus some have speicific docmentation/forms they want you to fill out. A talk with a sharp real estate attorney or CPA who has experience in “short-sales” is reccomended. Insolvency, Bankruptcy can help in certain instances but a tax professional is your first step before taking these steps.
