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Short Sale Package MORTGAGE ASSISTANCE RELIEF SERVICES DISCLOSURE The following disclosure is made pursuant to the Federal Trade Commission s MARS Rule (16 C.F.R. 322 et seq.). IMPORTANT NOTICE You

How to fill out short sale package

How to fill out short sale package:

1. Gather all necessary documents: Start by collecting all the required documents for the short sale package. This may include financial statements, bank statements, tax returns, pay stubs, hardship letters, and any other documents required by your lender.
2. Organize the paperwork: Once you have all the necessary documents, organize them in a logical and orderly manner. This will make it easier for both you and the lender to review and process the package.
3. Complete the required forms: Fill out all the forms provided by your lender accurately and honestly. These forms typically include a short sale application, financial disclosure forms, and an authorization to release information form. Be sure to provide all the required information and supply supporting documentation where necessary.
4. Write a compelling hardship letter: A hardship letter is an important part of the short sale package. It explains the reason why you are unable to continue making mortgage payments and provides details of your financial hardship. Be honest and concise in your letter, highlighting the circumstances that have led to your inability to keep up with the mortgage payments.
5. Submit the package to your lender: Once you have completed filling out the short sale package, gather all the documents and submit them to your lender. It's recommended to make copies of the entire package for your own records before sending it off.

Who needs a short sale package?

1. Homeowners facing financial hardship: Individuals who are struggling with their mortgage payments due to financial hardship, such as job loss, medical issues, or other unforeseen circumstances, may need a short sale package. A short sale can provide an alternative to foreclosure and may be an option for homeowners who are unable to keep up with their mortgage obligations.
2. Real estate agents: Real estate agents who are representing homeowners in the process of a short sale also need the short sale package. They will work closely with the homeowners to gather all the necessary documents and complete the required forms, ensuring a smooth transaction with the lender.
3. Lenders and servicers: Lenders and loan servicers require a complete short sale package in order to evaluate the homeowner's eligibility for a short sale. They review the documents, financial information, and the hardship letter to determine if the homeowner qualifies for this option.

In conclusion, filling out a short sale package involves gathering and organizing the required documents, completing the necessary forms, and submitting the package to the lender. Homeowners facing financial hardship, real estate agents, and lenders/servicers are the key stakeholders involved in the process of filling out a short sale package.

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What is short sale package?

Short sale package is a collection of documents and forms that are required to be submitted by a borrower seeking approval for a short sale of their property.

Who is required to file short sale package?

The borrower or homeowner who wishes to pursue a short sale is required to file the short sale package.

How to fill out short sale package?

The borrower must carefully review and complete all the forms in the short sale package, providing accurate and detailed information about their financial situation and the property.

What is the purpose of short sale package?

The purpose of the short sale package is to provide the lender with all the necessary information to evaluate the borrower's request for a short sale and determine if it is a viable option.

What information must be reported on short sale package?

The short sale package typically includes financial statements, hardship letter, listing agreement, purchase contract, and any other relevant documentation requested by the lender.