Lender Requirements for the Short Sale Package

First let me begin by reviewing just exactly what Short Sale means. A Short  Sale is when the lender of record agrees to discount a borrower’s payoff to accommodate a sale when:

1. The borrower/seller has experienced hardship.

2. The value is proven to be less than the amount needed to pay off all loans, encumbrances and real estate selling costs.

3. The loan is delinquent or in default.

To obtain approval from the borrower’s lender, a Short Sale Package must be submitted. The package will include information such as a “letter of hardship”. This letter should be hand written and no more than one page. Examples of hardship could be medical, job loss, business change, or marital status (divorce).

For a complete list of items required by most lenders for the Short Sale Package, please reply to this Blog Post.

This entry was posted on March 22. 2010 at 08:13 and is filed under Blogroll. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

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