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Submitting Your Application

RMA_Nov2011_Page_1Assuming that you have determined what Short Sale program you qualify for, you will need to submit an application, or Short Sale Package, for the loan servicer to evaluate.

What borrowers will generally need to provide their Short Sale agent can vary from servicer to servicer, the essentials are:

  • 30 Days of Consecutive Paystubs
  • 60 Days of Bank Statements
  • Two Years of Federal Income Tax Returns, and two years of Profit & Loss Statements if self-employed
  • A recent utility bill, evidencing that the borrower resides in the property (assuming this is an owner-occupied property)
  • A Hardship Letter, signed and dated by all borrowers detailing the reason(s) why you can no longer afford to pay your mortgage

An experienced Short Sale agent will then compile these items with a completed application, which, again, will vary based on the Short Sale program and servicer.  If for any reason you do not have one of these documents, your Realtor should be able to help you compose a Letter of Explanation for the lack of the documentation.

Keep in mind that you may need to refresh these documents throughout the process, so it is a good idea to keep a file with your financial information throughout the process in case the servicer needs updated financial information.