WHAT IS IN A SHORT SALE PACKAGE?
What information needs to be included when submitting your short sale package to your lender? It’s important to work with a short sale specialist (preferably one who has a supportive team) to insure that you have all the information that is needed before submitting your short sale package. Including all the correct information the first time around can make a huge difference in the timeliness of getting your short sale approved and will save you much aggravation and frustration in the long run. I can’t emphasize this fact nearly enough!
Most lenders work off of a checklist when it comes to verifying that all pertinent information is included in the file, so it’s best to obtain a copy of that checklist before beginning the process. Our team will assist you in knowing what you need and how to gather the information. Do not make the mistake of thinking that you can “short change” anything in this list and process. If you don’t have something that is on the checklist or fail to provide all the documents and information required, it’s going to hold up the short sale process.
Some examples of what lenders request in the short sale package are: two months worth of recent pay stubs, two years of federal tax returns, a snapshot of your financial situation, a hardship letter, a Dodd Frank form and an IRS Form 4606T. Some lenders also have their own specific forms that they require.
Working with our team of professionals will help you make certain that you have all of the correct documents and forms. If your lender requires forms that are specific to their company, our team will help verify that they are the current and updated forms required. Some banks frequently update their short sale forms, so again, there’s one more thing that you need to be aware of when submitting your short sale package – all the more reason to have a team of specialists assisting you.
Essentially, the more complete your short sale package is when you initially submit it, the quicker your short sale transaction can be completed. Working with a short sale specialist when submitting your short sale package can keep you from delaying the process and get you closer to the financial freedom you seek, sooner.
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