Get the free Union Bank short sale approval letter - New Era Properties

Real Property Risk Management 8155 Mercury Court San Diego, California 921111299 P.O. Box 85600 San Diego, Californian 921865600 September 14th, 2011 Mark J Schneider Los Angeles, CA 90004 Subject:

How to fill out union bank short sale

How to fill out a Union Bank short sale:

1. Gather necessary documentation: Before starting the process, make sure you have all the required documents, such as hardship letter, financial statements, bank statements, tax returns, and a purchase offer.
2. Contact Union Bank: Reach out to the Union Bank’s short sale department or their designated representative to notify them about your intention to apply for a short sale. They will guide you through the specific forms and procedures.
3. Complete the loan application package: Union Bank typically provides a short sale packet or application package that includes various forms and documents. You will need to complete these forms accurately and thoroughly, providing necessary information about your financial situation, property details, and reasons for requesting a short sale.
4. Submit the required documents: Once you have completed the application package, submit it along with the supporting documents requested by Union Bank. This may include proof of income, tax returns, bank statements, appraisal or BPO (Broker Price Opinion) of the property, and any other relevant information they require.
5. Follow up: It is essential to maintain regular communication with Union Bank throughout the short sale process. Stay in touch with your assigned representative and promptly provide any additional documents or information they request.
6. Cooperate with the bank’s negotiation process: Union Bank will review your application and evaluate the property's market value to determine if they will approve a short sale. During this time, be prepared to negotiate or make counteroffers as per their requirements or terms.

Who needs a Union Bank short sale?

1. Homeowners facing financial hardship: A Union Bank short sale is typically sought by homeowners who are experiencing financial difficulties, such as job loss, reduced income, medical emergencies, divorce, or other circumstances that make it challenging to continue making mortgage payments.
2. Homeowners with a property value lower than the outstanding mortgage: A Union Bank short sale could be an option for homeowners who owe more on their mortgage than their property's current market value. Rather than facing foreclosure, they may choose to pursue a short sale to sell the property at a lower price and settle the mortgage debt.
3. Those unable to secure a loan modification or other alternatives: If a homeowner has already explored loan modification options or alternative foreclosure prevention programs but has not been successful, a Union Bank short sale may be considered as an alternative to foreclosure.

For pdfFiller’s FAQs

What is union bank short sale?

A union bank short sale is when a homeowner sells their property for less than the amount owed on the mortgage.

Who is required to file union bank short sale?

Homeowners who are facing financial hardship and are unable to continue making mortgage payments may be required to file for a union bank short sale.

How to fill out union bank short sale?

To fill out a union bank short sale, homeowners typically need to provide detailed financial information, a hardship letter explaining their situation, and a purchase offer from a potential buyer.

What is the purpose of union bank short sale?

The purpose of a union bank short sale is to help homeowners avoid foreclosure by selling their property at a lower price than what is owed on the mortgage.

What information must be reported on union bank short sale?

Information that must be reported on a union bank short sale typically includes the homeowner's financial information, a hardship letter, and details of the purchase offer.

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