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How to fill out short sale package

How to fill out a short sale package:

1. Gather all necessary documents: Start by gathering all the required documents for the short sale package. This may include but is not limited to financial statements, tax returns, bank statements, pay stubs, hardship letter, and a purchase agreement.
2. Complete the financial statement: Carefully fill out the financial statement form provided in the short sale package. Be sure to include accurate details about your income, assets, liabilities, and monthly expenses.
3. Prepare the hardship letter: Write a detailed hardship letter explaining the circumstances that have led to your need for a short sale. Clearly articulate your financial difficulties and the reasons why you cannot fulfill your mortgage obligations.
4. Include supporting documents: Attach all the supporting documents requested in the short sale package. This may include copies of tax returns, pay stubs, bank statements, and any other relevant financial documentation.
5. Review and proofread: Before submitting the short sale package, review all the information provided. Double-check for any errors or missing information. It is crucial to ensure that all the forms are completed accurately to avoid delays in the process.
6. Submit the short sale package: Once you have completed all the necessary documents and reviewed them, submit the short sale package to the designated party or lender. Follow the instructions given to ensure proper submission.

Who needs a short sale package:

1. Homeowners facing financial distress: A short sale package is typically needed by homeowners who are facing financial hardships and are struggling to meet their mortgage obligations. It provides an avenue for them to potentially sell their property for less than what is owed on the mortgage.
2. Real estate agents: Real estate agents working with sellers in distress may also need a short sale package. They play a crucial role in assisting homeowners through the short sale process, including gathering the necessary documents and guiding them on how to fill out the package correctly.
3. Lenders and banks: Lenders and banks require a short sale package to review the homeowner's financial situation and assess whether a short sale is a viable option. They need this package to evaluate the potential loss and make informed decisions regarding the property.
4. Potential buyers: Potential buyers interested in purchasing a property through a short sale may also need to review the short sale package. This allows them to understand the homeowner's financial circumstances and make an informed decision about the property they wish to acquire.

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What is short sale package?

Short sale package is a set of documents and forms required for submitting a request to sell a property at a price lower than what is owed on the mortgage.

Who is required to file short sale package?

The homeowner or property owner who wishes to sell their property for less than the amount owed on the mortgage is required to file a short sale package.

How to fill out short sale package?

To fill out a short sale package, the homeowner must provide financial documents, a hardship letter explaining the reason for the short sale, and any other required forms requested by the mortgage lender.

What is the purpose of short sale package?

The purpose of a short sale package is to request permission from the mortgage lender to sell a property for less than the amount owed on the mortgage, in order to avoid foreclosure.

What information must be reported on short sale package?

The short sale package typically includes financial documents, a hardship letter, a listing agreement, a purchase agreement, and any other information requested by the mortgage lender.