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For more information on the Mortgage Debt Relief Act click on the link below..
Mortgage Debt Relief Act Extension 2013
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens' full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency. Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties. A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower; however both will often result in a negative credit report against the property owner.
Typical examples of hardship are:
Divorce separation or marital difficulties
Medical emergency / sudden illness
Reduced income (furloughs, new job, partner's loss of job, pay cut)
Job transfer (voluntary or involuntary)
Death in the family
Increased expenses and excessive debt
Unexpected repairs or home maintenance
The following documents are typically required during the short sale process. Please be aware that there may be additional, updated documents needed as you move forward in the process.
- Authorization—completed, signed and dated by all homeowners
- Hardship Letter—signed and dated by all homeowners: Letter explaining the reason(s) behind your current financial situation
- Willingness to Contribute to Short Sale—signed and dated by all homeowners: Letter stating whether you will be able to contribute any money to the lender for the short sale. If you will be able to contribute towards the short sale, address how much in the letter. If you will NOT be able to contribute, explain reason(s) why
- Financial Worksheet—completed, signed and dated by all homeowners
- Proof of Income—last 60 days for all homeowner:
4. Social Security
6. Profit and Loss for Self Employed
7. Any other source of income
- Taxes—last 2 years for all homeowners (include all schedules)
- Bank Statements—last 60 days for all homeowners, must include all pages of statement
- Mortgage Statement(s)—most current, for all loans on the property
- HOA, if applicable
1. HOA Statement, most recent
2. Name and contact number for HOA
- Lease Agreement, if applicable—If property is rented out, need copy of current lease/rental agreement
- Foreclosure Notices—Any notices regarding foreclosure proceedings/sale date that you have received
Please make sure that when you receive any notice regarding foreclosure, you send that to us right away
If you are in need of an experienced short sale REALTOR give Duane a call at 920-810-7234.
Informational purposes only. A lawyer should always be consulted for legal and tax advice.
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