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INSTRUCTIONS Short Sale Affidavit The borrower, purchaser, and all parties involved in the transaction must sign and date a Short Sale Affidavit (Form 191) at the time of the closing confirming that

How to fill out short sale affidavit

How to fill out a short sale affidavit:

1. Review the instructions: Before filling out the short sale affidavit, carefully read and understand the instructions provided by the lender or real estate agent. Familiarize yourself with the specific requirements and any supporting documentation that may be needed.
2. Gather necessary information: Collect all the relevant information required to complete the short sale affidavit. This may include personal details such as your name, address, contact information, loan number, and other identifying information. You may also need to provide financial and income details, including bank statements, tax returns, and pay stubs.
3. Complete each section accurately: Pay close attention to the instructions and complete each section of the short sale affidavit accurately. Double-check your entries to avoid errors or omissions that could cause delays or complications in the short sale process.
4. Provide supporting documentation: In addition to filling out the affidavit, you may need to attach supporting documentation as required. This can include but is not limited to hardship letters, financial statements, income verification, and any other documents requested by the lender.
5. Seek professional assistance if needed: If you are unsure about any aspect of filling out the short sale affidavit or if you encounter any complex or unique situations, consider seeking professional assistance from a real estate attorney or a qualified real estate agent with experience in short sales. They can provide guidance and ensure that the affidavit is completed correctly.

Who needs a short sale affidavit:

1. Homeowners in financial distress: A short sale affidavit is typically required when a homeowner is facing financial hardship and is unable to make their mortgage payments. It is a crucial document in the short sale process, allowing the lender to assess the homeowner's eligibility for a short sale.
2. Lenders and financial institutions: The short sale affidavit is a necessary document for lenders and financial institutions involved in a short sale transaction. It helps them understand the homeowner's financial situation, evaluate the potential loss, and determine if approving a short sale is the most viable solution.
3. Real estate agents and professionals: Real estate agents and professionals involved in facilitating short sales, including listing agents, buyer's agents, negotiators, and attorneys, may also need access to the short sale affidavit. They use this document to gather important information about the homeowner, prepare the necessary paperwork, and navigate the short sale process.

Note: The specific requirements for a short sale affidavit may vary depending on the lender, location, and individual circumstances. It is important to follow the guidelines provided by the appropriate authorities and seek professional advice when necessary.

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What is short sale affidavit?

Short sale affidavit is a document signed by the seller of a property stating that the sale is being made for less than the amount owed on the mortgage.

Who is required to file short sale affidavit?

The seller of a property completing a short sale is required to file the short sale affidavit.

How to fill out short sale affidavit?

To fill out a short sale affidavit, the seller must provide personal information, property details, mortgage information, and a statement explaining why a short sale is necessary.

What is the purpose of short sale affidavit?

The purpose of a short sale affidavit is to provide documentation to the lender of the seller's financial hardship and the need to sell the property for less than the amount owed on the mortgage.

What information must be reported on short sale affidavit?

The short sale affidavit must include the seller's personal information, property details, mortgage information, financial hardship explanation, and signatures.