Documentation typically required to complete a short sale:

Every lender has different requirements for processing short sales. In all cases, you will need to provide some kind of documentation, and the following information is a guideline of what is generally required.

You can save yourself and your attorney quite a bit of time if you gather up as much of this information as possible and have it ready prior to your free consultation.

In order to complete the short sale process, documentation will typically be required from you, the borrower and co-borrower as well as from the real estate agent.
You'll also be required to complete an authorization form for release of information to third parties.
The reason for your request will also be required. This will include information about your property, loans and income as well as details on the circumstances that have made it difficult for you to stay up to date on your mortgage, creating the financial hardship.
In some cases, a request for a transcript of your tax return may also be required in order to verify your income information.

It is important to note that while you will be able to gather the majority of the financial information, tax information, and other documentation and information on your own, some of the required documentation you will see listed here will be provided to you from your attorney or the lender.

You may even be able to get the documents from the lender yourself, as many lenders provide it on their websites. Here at Fernandez Law Group, we are ready and willing to assist you with every aspect of your short sale, including the paperwork and documentation process. As a result, we have the majority of paperwork required from lenders ready to go and on file here in our office - and if we don't have it yet, we'll take care of getting it in order to make the process as easy for you as possible.

Information required from the borrower and co-borrower

If you are a wage earner, meaning you receive a W-2 from your employer, you will typically need to provide the following information:

Two (2) most recent pay stubs (if more than one borrower, then provide two for each borrower)
Time with current employer in years and months for both borrower and co-borrower
Your most recent and complete bank statement for one month (provide all pages, even blanks)

If you are self employed, you will need to provide:

A P&L statement / audited or reviewed YTD income statement
Your two (2) most recent years of completed tax returns, both personal and business and signed including all pages - or 1099's - or two (2) years filed and proof of extension
Your last four (4) months of complete business and personal bank statements (provide all pages, even blanks)

* If you're not using a business account, you may be required to provide written documentation as to why a business account is not used.

Everyone, regardless of employment type or status must provide:

Provide any recent statements supporting assets going back four (4) months.
Most recent tax return, signed including all pages, - or - most recent filed and proof of extension, signed and including all pages.
Proof of occupancy (if owner occupied) - this can be in the form of a recent utility bill in your name at the property address.

If the loan is non-escrowed:

(a) Copy of the most recent property tax bill or bills along with copies of cancelled checks for any and all applicable taxes, including County, City, and School.

(b) Copy of the current insurance declaration page for all applicable coverage types. The declaration will need to show the premium amount for homeowner's, flood, wind, etc.

(c) Proof of payment of HOA (Homeowner's Association) fees, if applicable.

If the property is non-owner occupied:

(a) Documentation showing rental income with copies of the rental agreement if a tenant resides on the property.

(b) Amount of principal, interest, taxes, insurance, and home owner dues for your primary residence.

(c) Your primary residence address

Authorization to furnish and release information, in order to allow the realtor or designee to discuss the account with the lender. This form will typically be provided by the lender and will need signed.
- We generally have copies of these forms from the majority of lenders available for clients, so when you meet with us we can take care of that and get your signature.
Completed request for mortgage assistance.
- We generally have copies of these forms from the majority of lenders available for clients, so when you meet with us we can take care of that and get your signature.
Completed 4506T-EZ, which is a request for a transcript of your tax return.
- We generally have copies of these forms from the majority of lenders available for clients, so when you meet with us we can take care of that and get your signature.

Documents needed from the real estate agent include the following:

Listing agreement
Detailed listing history (MLS printout)
Sales / purchase contract (signed offer)
3 comparable active listings / 3 comparable sales / pictures of the property and neighborhood
HUD (estimated closing statement)

Again, it is important to remember that your attorney is here to help you with every aspect of the entire short sale process. This information is a general guide to help you get some of the paperwork together on your own. But don't worry - we can and will take care of anything and everything you need if you're not sure how to proceed.

How does Fernandez Law Group protect my interests during a short sale?

We conduct a detailed evaluation of your particular situation during the application process, and assist you in gathering all information required for your case.
We perform a comparative market analysis to determine the approximate fair market value of your property in the current market and determine what, if any amount of deficiency would remain upon completion of the short sale.
We contract a realtor in your area and submit your property for listing immediately.
We manage offers between the homeowner, real estate agent, and lender.
We handle all negotiations and documentation with your lender(s) to obtain approval for the short sale and options for minimizing residual deficiency liability.
We provide title insurance for your short sale and conduct closing.

Call or Text us today at 813-489-3222 for a FREE consultation.

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Additional information on Short Sales:

Content authored by

Gaston Fernandez

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