4th Post in a Series
Previously, I’ve discussed “Solutions for Your Mortgage Crisis”, “The Real Dangers of Foreclosures:Deficiency Judgments,” and ” The First Fatal Mistake in Marketing a Short Sale.” This latest post discusses the extra paperwork that short sales require.
When you list your home you always need paperwork – tax papers, insurance papers, utility bills, verification of association fees, and on and on. For a short sale, you need even more.
The only way your lender is going to let you off the hook for a part of your mortgage balance is if you don’t have the means to keep making the payments – and if the house will not appraise for at least the balance due on the mortgage.
And they’re not just going to take your word for it. You’ll have to submit proof. You’ll need to show your income and your budget – and you’ll have to write a “Hardship letter.”
This is another time when you should rely on your experienced Short Sale agent to guide you in the right direction. You need to know what to say in that letter – and what to leave out. You need to know the tone it should take and how much detail to include.
Agents working with various asset managers on short sales know what each one prefers, and can guide you toward submitting paperwork they’ll read in a favorable light.
We also know what kind of documentation you need to back up your budget items, and will give you a list of paperwork to gather for the initial short sale approval request.
Getting this right the first time helps those asset managers get their work done easier and faster, and thus helps your proposal get through their system more quickly. Think about that – if you had a couple hundred files to process, wouldn’t you want to work on the easiest ones first?
Our team has worked with asset managers at almost all the major banks now, and know what they’re looking for. When you list your short sale property with me, you’ll know too!
Call me today at 703 850-4330 and let me know when you’d like to get together to talk it over.