Friday, March 27, 2009

Hardship Package

Short Sale Packages will vary from Lender to Lender. As your Realtor, an authorization letter will allow me to communicate with your Lender and facilitate the entire transaction on your behalf. This will help alleviate some stress of you!
The basic requirements of a short sale package include:
1. Cover Letter – which I will prepare.
2. Authorization Form to Release Information – The lender may have their own, but I also can provide a generic form which can be sent to the lender.
3. Hardship Letter – There are certain points you want to be sure to mention in the letter. I provide my sellers a sample to start with. One key point is that you will want to apologize for being in this unexpected financial situation and that you cannot continue to make the payments and you NEED HELP!
4. Financial Statement – Be truthful and honest about your financial situation. Disclose your assets and liabilities. Most Lenders will have their own financial statement to complete.
5. Listing Agreement
6. Purchase/Sale Agreement
7. Comparative Market Analysis
8. Last 2 months of Bank Statements – You will need to explain unaccountable deposits and large cash withdrawals.
9. Payoff Information for All Mortgages
10. Net Sheet/Preliminary HUD – Please be sure to disclose any outstanding HOA fees, liens on the property, 2nd mortgages, and/or Home Equity Line of Credit.
There may be options besides foreclosure. If you have questions, please be sure to give us a call or visit our website.