Whether you are considering a Short Sale, Loan Modification or Deed-in-lieu, you will need the following documents, at a minimum. Please review this list and start collecting and copying all of these documents to have them available for David to start helping you through this process.
■ Account Information for your First Mortgage. Your monthly mortgage statement will have most if not all of this information.
■ Account Information about any Second Mortgage or Home Equity Line of Credit (HELOC) on the home.
■ Financial Worksheet showing all income and debt. Mortgage Lender's have their own forms and David will provide this form to you.
■ Account Balances and Monthly Payments on all other debts such as Student Loans and Car Loans, etc.
■ Authorization to Release Information. David will provide this form which will give permission for David to discuss and negotiate with your Lender when we have a short sale contract.
■ Your last 2 years Federal Income Tax Returns.
■ Your last 2 most recent Bank Statements.
■ Information about your Savings, IRA's, 401K and other assets and/or investments.
■ Your last 2 Most Recent Pay Stubs if you receive them or documentation of income you receive from other sources. May not need to include spouse if he/she is not on note.
■ Hardship Letter describing any and all circumstances that caused your
income to be reduced or expenses to be increased (job loss, divorce, illness,
etc.) and or savings to be depleted. Example of what the bank will be looking
for:
What has changed in your life and financial circumstances that has caused
the current hardship? Contact David for a copy of a Sample Hardship letter.
We have formal worksheets that will guide you in collecting, organizing and verifying all of these requirements. Please contact David for copies.
David Simpson
Certified Distressed Property Expert, CDPE
RE/MAX Associates
4285 N. Shiloh Drive, Suite 205 - Fayetteville AR 72703
Cell: (479) 200-9914
Office: (479) 684-5757
Fax: (479) 684-5755
www.shortsalenorthwestarkansas.com
www.nwarkansashomesforsale.com
David Simpson with RE/MAX Associates in Fayetteville Arkansas is one of the few agents with the Certified Distressed Property Expert® (CDPE®) designation in Northwest Arkansas. He has helped many homeowners avoid foreclosure by selling their homes through a short sale. He has homes listed all over Northwest Arkansas including the Fayetteville, Springdale, Rogers, Bentonville and Bella Vista areas
This site, David Simpson or RE/MAX Associates, LLC is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.