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Short Sale Package MORTGAGE ASSISTANCE RELIEF SERVICES DISCLOSURE The following disclosure is made pursuant to the Federal Trade Commissions 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. Start by gathering all the necessary documents, such as financial statements, hardship letter, tax returns, bank statements, and pay stubs.
2. Make sure to carefully review the instructions provided by your lender or the short sale company. Each organization might have specific requirements.
3. Begin by completing the seller information section, which typically includes personal details, contact information, and property address.
4. Include a comprehensive hardship letter explaining your financial difficulties and why you are unable to continue making mortgage payments.
5. Provide financial statements, including income and expense documentation, to demonstrate your current financial situation.
6. Attach any supporting documents such as divorce decrees, medical bills, or job loss notices that might strengthen your case for a short sale.
7. Fill out the property information section, which includes details about the property's condition, any liens or outstanding debts, and the current market value.
8. Provide a purchase agreement or offer, if there is a prospective buyer interested in purchasing the property.
9. Review the completed short sale package thoroughly to ensure all necessary documents are included and accurately filled out.
10. Make copies of the entire package for your records before submitting it to your lender or the short sale company.

Who needs a short sale package:

1. Homeowners who are struggling to make their mortgage payments and are facing financial hardship.
2. Individuals who owe more on their mortgage than the current market value of their property.
3. Borrowers who have explored other options like loan modification or refinancing but haven't been successful in resolving their financial difficulties.
4. Those who have received a notice of default or foreclosure from their lender and want to explore alternatives to avoid foreclosure.
5. Homeowners who have found a potential buyer interested in purchasing their property but need their lender's approval to sell it at a lesser price.
6. Individuals who are looking to sell their property quickly to alleviate their financial burden and avoid having their home foreclosed.

For pdfFiller’s FAQs

What is short sale package?

Short sale package is a set of documents and forms that need to be submitted to a lender by a borrower who is seeking approval to sell a property for less than what is owed on the mortgage.

Who is required to file short sale package?

The borrower or homeowner is required to file the short sale package with the lender.

How to fill out short sale package?

The borrower needs to provide financial documents, a hardship letter explaining the need for a short sale, and any other requested information to fill out the short sale package.

What is the purpose of short sale package?

The purpose of the short sale package is to request approval from the lender to sell the property for less than what is owed on the mortgage.

What information must be reported on short sale package?

The short sale package typically includes information about the borrower's financial situation, the property being sold, and the reason for the short sale.

How do I edit short sale package online?

The editing procedure is simple with pdfFiller. Open your short sale package in the editor, which is quite user-friendly. You may use it to blackout, redact, write, and erase text, add photos, draw arrows and lines, set sticky notes and text boxes, and much more.

Can I create an electronic signature for the short sale package in Chrome?

Yes. With pdfFiller for Chrome, you can eSign documents and utilize the PDF editor all in one spot. Create a legally enforceable eSignature by sketching, typing, or uploading a handwritten signature image. You may eSign your short sale package in seconds.

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