Now that you are authorized to talk to the lender, what will the lender want? Here is a list of items needed by most Lenders (NOTE ***You will need to write the seller’s loan number on every page you fax to the lender***):
- Letter of authorization
- Hardship letter (the sadder the better, the more descriptive the better)
- Family illness or injury
- Job relocation
- Job loss or significant income loss
- Divorce or split of domestic partners
- Adjustment in mortgage payment or unforeseen increase in living expenses
- Anything else life can throw at a person
- 2 months pay stubs for each homeowner on the loan
- 2 months bank statements, all pages, for all accounts
- 2 years tax returns for each homeowner on the loan
- Comparative Market Analysis – use "actives," "pendings," and "solds"
- Listing agreement
- Purchase contract and all counter offers – offer must state the following:
- “Purchase contract is contingent upon approval by existing lender(s) of a short sale at no cost to the seller. Seller shall not be required to deposit funds to close escrow.”
- Buyer’s LSR to show prequalification for purchasing the property
- Settlement statement / HUD-1 from the title company showing the lender’s net after all costs are paid
Will talk about fees the lender will pay an the next post.
Comments