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Prior to requesting a short-sale, you should check with your lender or servicer to see if they are willing to modify your loan (i.e., reduce the interest rate, extend the term) in an effort to make your mortgage payment affordable. Some lenders/servicers may also place your past due payments on the back of the loan (capitalization) and report you as current to the credit bureaus. You will have to show proof that you can afford the reduced or revised payment.                      

WHAT IS A SHORT-SALE?

 A short-sale is when the bank accepts an amount less than what is actually owed on the property and fully releases any liens on the property and takes a loss, therefore allowing the owner to sell the property prior to foreclosure and thus preventing a "foreclosure" from appearing on the borrower's credit report. Typically, there has to be a hardship situation, whereby the current owner in is arrears and/or facing foreclosure. When a property is being sold as a short-sale, the owners typically do not received any of the proceeds. There are some lenders/servicers that will permit an allowance for moving expenses ($1,500-$2,000), but this is not the norm. As a result of a short- sale, a borrower should explore any tax implications with their Tax Advisor as some lenders will classify any deficiency as taxable income.

Typically the following may be required for a lender to consider a short sale:

1.      A brief letter outlining the events that led to your current hardship,

     and any proof documenting it, and your intentions toward the

     property.

2.  Pay stubs for each borrower for the last month

3.   Copies of your most recent bank statements for each bank account

      for the last month.

4.   The most recent years tax return and all schedules, and W2’s.

5.   Most recent statement for any 401K, IRA, Mutual funds, etc.

6.   Copy of Deed

7.   Copy of Mortgage

8.      Copy of current Contract of Sale or Offer and estimated HUD

     Statement

9.   Copy of HUD Statement from closing of last mortgage

10. Copy of Realtors market analysis

11. Copy of Mortgage Release statement

13. Home telephone number

14. Tenant Information Sheet

15. Letter explaining current tenant status

16. Personal Financial Statements of all borrowers

17.Copy of your Mortgage Note

18. Copy of your Mortgage Payment Letter

19. Loan Number

20. Loan Servicer’s Telephone Number

21. Official photo identification

 Although a borrower selling a home via a short-sale will prevent  an actual "foreclosure"  from appearing on their credit report, the following may appear:

You will need to check with your lender or servicer as to what their process is.

I have mastered the process of preparing  a short-sale package and negotiating with the lender or servicer on behalf of my clients. If you are in a situation, where you may need to sell your home or investment property as a short-sale, you need a real estate professional that KNOWS WHAT HE IS DOING  and can explain every step of the process to you. I am also happy to work with your attorney or other professional representative. Call or email me today!

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Suite 1A

Somerset, NJ  08873

Office: (732) 377-3719  Fax: (732) 377-3725

Cell: (732) 763-9144