Short Sale Package Orlando, Short Sale Help Orlando, Avoiding Foreclosure Orlando

 

The Short Sale Package

All of the documentation needed to start a short sale is commonly called a "Short Sale Package" and is usually submitted by the agent representing the seller.



 

The package usually includes the following items:

Sample Short Sale Package (items may vary depending upon the lender):

  • Cover Letter
  • Authorization to Release Information to Listing Real Estate Company & Title Company
  • Sellers Hardship Letter
  • Seller’s Financial information
  • 2 years w2’s
  • 2 months pay stubs
  • 2 months bank statements
  • 2 years tax returns
  • Supporting Hardship Info – HOA liens, medical/disability statements etc.
  • Repair Estimate for the property
  • Comparable sales for the property
  • Contract
  • Net Sheet
  • First mortgage holder may ask for a payoff amount from the 2nd
  • Second mortgage holder may ask for a payoff amount from the 1st
  • Lender may ask for an Initial Title Report
  • FHA and VA may have their own forms and special requirements as well The Short Sale Hardship Letter

The Short Sale Hardship Letter


The Hardship Letter is usually part of the short sale package and is written by the seller. It is used to explain to the lender the reasons for the borrower's need for a short sale. Reasons such as divorce, job loss, medical issues, etc. can and should be included. Usually just a one page letter with the pertinent information will suffice.



A simple letter in the following form should suffice.



Date:

Lender Name:
Address:
Loan Number:

Dear Sir/Madam,

Main Body: (in the main body explain your hardship and why you must utilize a short sale)



Some example hardship reasons are listed below.

  • Unemployment
  • Reduced Income
  • Divorce
  • Separation
  • Medical Bills
  • Too Much Debt
  • Death of my Spouse
  • Death of a family member
  • Payment Increase
  • Business Failure
  • Job Relocation
  • Illness
  • Damage to Property
  • Military Service
  • Incarceration
  • Other (Please Specify)



Borrower’s Signature

Date

Co-Borrower’s Signature

Date

 

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Note: The Short Sale information provided on the web page is to be used as general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA. Orlando Home Store , Dave Lowe (Broker Dave), or Greg Lowe makes no claims verbal or written as to the information printed here, on the phone or in person as it relates to Short Sales or Foreclosures.