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This document serves as a request for the approval of a short sale, outlining necessary terms, conditions, and information for borrowers to prevent foreclosure.
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How to fill out exhibit b alternative request
How to fill out Exhibit B – Alternative Request for Approval of Short Sale
01
Begin by gathering all necessary documents related to the short sale.
02
Fill in the property address at the top of the form.
03
Provide the names and contact information of all parties involved, including sellers and real estate agents.
04
Clearly state the reason for the short sale, providing a brief explanation of financial hardship.
05
Include details of the loan(s) to be paid off, such as loan numbers and amounts owed.
06
Attach a copy of the listing agreement with the real estate agent if applicable.
07
Provide a competitive market analysis report or comparable sales data to justify the short sale price.
08
Submit any additional supporting documentation required by the lender.
09
Review the completed form for accuracy, signing where necessary.
10
Submit Exhibit B to the lender along with any other required forms.
Who needs Exhibit B – Alternative Request for Approval of Short Sale?
01
Sellers who are facing financial difficulties and need to sell their property for less than the outstanding mortgage balance.
02
Real estate agents representing sellers in a short sale transaction.
03
Lenders or banks that require formal documentation to process a short sale request.
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What is Exhibit B – Alternative Request for Approval of Short Sale?
Exhibit B – Alternative Request for Approval of Short Sale is a form used by homeowners to seek approval from their lender to sell their property for less than the amount owed on the mortgage, typically to avoid foreclosure.
Who is required to file Exhibit B – Alternative Request for Approval of Short Sale?
Homeowners or borrowers who are looking to request a short sale must file Exhibit B as part of their application to the lender.
How to fill out Exhibit B – Alternative Request for Approval of Short Sale?
To fill out Exhibit B, homeowners typically need to provide information about the property, debt owed, financial hardships, and other relevant details regarding their financial situation.
What is the purpose of Exhibit B – Alternative Request for Approval of Short Sale?
The purpose of Exhibit B is to formally request consent from the lender to proceed with a short sale, providing necessary documentation to support the request.
What information must be reported on Exhibit B – Alternative Request for Approval of Short Sale?
Information required on Exhibit B includes the property address, loan details, the reasons for the short sale, financial statements, listing details, and any other documentation that supports the homeowner's case.
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