Short Sale Approval Requirements & Pre-Foreclosure Info
Information Provided by The Shultz Team, Short Sale Specialists in Ocala FL
In order for the Shultz Team to help you sell your pre-foreclosure property for less than what is owed on the mortgage, we will need the “Authorization to Release Information” form filled out completely with the name of the 1st mortgage company, phone, fax, account number, property address, your signature, printed name, and social security number for all parties on the loan. If there is a 2nd mortgage company involved, we will need their information as well.
If you are behind in payments and unable to meet the financial obligation to the mortgage lender, you should contact them directly and inform them that you have your home listed for sale with a Realtor who specializes in “short sales”. Honest communication and an open dialog with your lender and Realtor will be very important in getting the best results possible. Your mortgage company may have the short sale package forms on their website that you can download or print out, detailing the exact items they require.
When an offer is received on your property, before we can submit the contract to your lender for approval, you will need to supply financial information proving your inability to make the mortgage payments. These items most likely will include but are not limited to the following:
1. Financial Statement signed and dated showing your gross income and all of your monthly expenses, i.e. rent, utilities, car payment, credit card payments, medical bills, home, auto, & health insurance, food, gasoline, etc.
2. Hardship letter detailing why you are unable to make the mortgage payments, i.e. divorce, loss of job, death in family, illness, medical bills, etc.
3. Two most recent pay check stubs for all parties on the loan. (If self-employed, provide the year to date Profit and Loss Statement.)
4. Two most recent bank statements for checking, savings, mutual funds, 401K, etc.
5. Statements of Disability/Unemployment, Retirement and/or Social Security benefits applied for or received. Include copies of any and all check stubs.
6. Income tax returns may be required.
Once you have assembled all of the above documentation, we can forward the listing agreement, fully signed purchase contract, Seller’s Net Sheet or Hud-1 settlement statement, and buyer’s loan approval letter to your lender’s loss mitigation department to begin the “short sale” approval process. Your mortgage company will order a “Broker Price Opinion” to determine the appraised value and market value of the property. They may make a counter offer if they find the buyer’s offer insufficient.
This may seem like a complicated and time consuming process, but all of it is necessary to achieve the goal of selling your home before it goes into foreclosure. Your prompt cooperation in supplying the documents will be vital for expediting the approval. With a committed effort & patience on all of our parts, we can come to a successful conclusion without feeling overwhelmed.
If you feel you are in a position to attempt to save your home, please read our information on Loan Modification. To find out how The Shultz Team can help you sell your property, please feel free to fill out our Home Value Form for Marion County, FL. You may also view our January 2009 Real Estate Statistics for Ocala, FL to get a feel for what direction the local market is heading in and what to expect if you decide to sell your home.
Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * – Contact for more details!
