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YOUR GUIDE TO SIMPLIFYING THE SHORT SALE (CCO Mortgage Package) IMPORTANT : READ BEFORE PROCEEDING Pizzeria & Carolina Package Instructions & Policies Thank you for choosing Pizzeria & Carolina to

How to fill out short sale

How to fill out a short sale:

1. Gather all necessary documents such as financial statements, tax returns, pay stubs, and bank statements.
2. Contact your lender or mortgage servicer to inform them of your intention to pursue a short sale and request their specific application forms.
3. Complete the required forms with accurate and detailed information, including your personal details, property information, and financial situation.
4. Prepare a hardship letter explaining the circumstances that led to the need for a short sale, such as job loss, medical bills, or divorce. Be sure to emphasize the financial difficulties you are facing.
5. Provide supporting documentation for the hardship letter, such as medical records, termination notices, or divorce papers, to strengthen your case.
6. Consult with a real estate professional or attorney experienced in short sales to guide you through the process and negotiate with your lender on your behalf.
7. Submit the completed application, hardship letter, and supporting documentation to your lender or the designated party handling your short sale.
8. Stay in communication with your lender and provide any additional information they may request in a timely manner.
9. Cooperate with the lender's selected appraiser or agent who may need to conduct an appraisal or inspection of the property.
10. Stay informed about the progress of your short sale and be prepared for possible negotiations or counteroffers from the lender.
11. Once the short sale is approved, review the terms and conditions provided by the lender and consult with your attorney or real estate professional to ensure they are favorable.
12. If the terms are agreeable, sign the necessary paperwork and proceed with closing the short sale transaction.

Who needs a short sale:

1. Homeowners facing severe financial difficulties and struggling to make mortgage payments.
2. Individuals who owe more on their mortgage than the current market value of their home.
3. Homeowners who have experienced a significant decline in property value and are unable to sell their homes at a price that covers their outstanding mortgage debt.
4. Individuals who have encountered unforeseen circumstances that make it difficult to maintain their mortgage payments, such as job loss, medical emergencies, divorce, or significant changes in income.
5. Homeowners who have exhausted other options such as loan modifications or refinancing and still cannot afford their mortgage payments.

Overall, a short sale can be helpful for those who are facing financial hardship and need to sell their homes to avoid foreclosure or alleviate their mortgage debt burden.

For pdfFiller’s FAQs

What is short sale?

Short sale is a real estate transaction in which the seller sells the property for less than the outstanding mortgage balance.

Who is required to file short sale?

Homeowners who are unable to afford their mortgage payments and want to avoid foreclosure may opt for a short sale.

How to fill out short sale?

To fill out a short sale, homeowners typically work with a real estate agent to find a buyer and negotiate with the lender.

What is the purpose of short sale?

The purpose of a short sale is to sell the property to avoid foreclosure and settle the mortgage debt.

What information must be reported on short sale?

Information such as the property's value, outstanding mortgage balance, buyer's offer, and financial hardship must be reported on a short sale.

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