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NOTICE OF SHORT SALE CONTRACT TERMINATION ADOPTED BY THE COLUMBUS BOARD OF REALTORS Date: Premises Address: Seller: (print name) Seller: (print name) Buyer: (print name) Buyer: (print name) Contract
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How to fill out notice of short sale
How to fill out a notice of short sale:
01
Begin by obtaining the notice of short sale form from your lender or financial institution. This form may also be available online on their website.
02
Fill out the required information accurately and completely. This usually includes your name, contact information, loan information, property address, and reason for the short sale.
03
Provide details about your financial hardship that has prompted the need for a short sale. This may include a job loss, medical expenses, divorce, or other circumstances that have impacted your ability to continue making mortgage payments.
04
Include any supporting documentation that may be required by your lender. This could include bank statements, pay stubs, tax returns, or a hardship letter explaining your current financial situation.
05
Review the notice of short sale form thoroughly to ensure all information is correct and there are no errors or omissions. It is important to be accurate and honest in your disclosures.
06
Sign and date the form, certifying that the information provided is true and accurate to the best of your knowledge.
07
Submit the completed notice of short sale form to your lender or financial institution as instructed. They will typically have a designated department or contact person for handling short sale inquiries.
08
Keep a copy of the completed form for your records, as well as any additional documentation that was submitted.
09
Throughout the short sale process, continue to communicate with your lender and provide any requested updates or additional documentation promptly.
Who needs notice of short sale?
01
Homeowners who are experiencing financial hardship and are unable to continue making mortgage payments may need to submit a notice of short sale to their lender or financial institution.
02
Typically, this notice is required by the lender in order to initiate the short sale process, which allows the homeowner to sell the property for less than the outstanding mortgage balance.
03
The notice of short sale is necessary for homeowners who wish to explore this option as an alternative to foreclosure. It provides the lender with information about the homeowner's financial situation and the reasons for the short sale request.
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What is notice of short sale?
The notice of short sale is a formal notification provided to the relevant authorities regarding the intention to sell a property for less than the outstanding mortgage balance.
Who is required to file notice of short sale?
The homeowner or the seller of the property is required to file the notice of short sale.
How to fill out notice of short sale?
The notice of short sale can be filled out by providing details of the property, outstanding mortgage balance, proposed sale price, and reasons for the short sale.
What is the purpose of notice of short sale?
The purpose of the notice of short sale is to inform the authorities about the upcoming sale of the property for less than the mortgage balance and to comply with legal requirements.
What information must be reported on notice of short sale?
The notice of short sale must include details such as the property address, mortgage lender information, outstanding mortgage balance, proposed sale price, and reasons for the short sale.
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