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A short sale occurs when a homeowner has permission from their mortgage loan bank to sell there property at an amount less than that which is due. A Short Sale is an alternative to foreclosure, which benefits the homeowner by relieving the homeowner of the responsibility over the property and less damage to their credit than foreclosure. It offers the most favorable alternative to foreclosures for banks as well by saving them the hassle and expense of foreclosure proceedings.

The Advantages of a Short Sale Vs. Foreclosure

Short Sale

Foreclosure

Prevents Foreclosure Stays on your credit report for 7-10 years
Less Damaging to Your Credit Can be Considered as Damaging as Bankruptcy
Immediately, after the closing on a Short Sale,
You can purchase a Home,
depending on the Lenders qualifications
After 2 years,
You have the possibility to purchase a Home,
depending on the Lenders qualifications
May Report on your Credit for 3-5 Years,
yet it is noted as "paid in full" and
"settled for less than owed"
May have to wait up to 3 years
to Re-Qualify for a Home Loan
at a Sensible Rate



Documentation Needed to Start Short Sale Process

Below is a list of documents that I will need from you so that we may start your short sale proceedings. Should you have any questions please contact us at (954) 680-5959 or surealtytitle@aol.com.

  • MOST RECENT MORTGAGE STATEMENT(S)(ALL MORTGAGES)
  • 2 YRS MOST RECENT TAX RETURNS (ALL PAGES)
  • 2 MOST RECENT PAYSTUBS
  • 2 MONTHS MOST RECENT BANK STATEMENTS (ALL PAGES)
  • COLLECTION LETTERS FROM BANK (if applicable)
  • COLLECTION LETTERS FROM ATTORNEY(if applicable)
  • TAX LIENS OR JUDGMENTS
  • ASSOCIATION FEES DUE
  • HARDSHIP LETTER
  • CONTRACT
  • LISTING AGREEMENT

Information Required to Complete Short Sale HUD

Below is a list of items that we will need from you so that we may process the short sale HUD. Should you have any questions please contact us at (954) 680-5959 or surealtytitle@aol.com.

  • CONTRACT WITH SALES PRICE
  • SELLERS CONTRIBUTION
  • REALTORS COMMISSION AND TRANSACTION FEE
  • ASSOCIATION MONTHLY FEE AND NUMBER OF MONTHS DELINQUENT
  • NUMBER OF MORTGAGES
  • NAME OF PAYOFF LENDERS
  • ANY KNOWLEDGE OF ANY PENDING LIENS


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