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DOCUMENTS YOU WILL NEED TO SUBMIT TO YOUR LENDER TO APPROVE A SHORT SALE:
v Hardship letter and
supporting documents – MUST be signed
v Authorization Form
v Financial Statement –
monthly income and expenses listed out – MUST be signed
v Tax Returns for last 2
years (1040 not W-2’s)
v Bank Statements for most
recent 2 months and ALL pages
v Paystubs for most recent
month
v Purchase Contract - Fully
executed purchase contract (MUST be dated and
signed by both buyer and seller) If Buyer is an LLC or company must
provide Articles of Incorporation.
v Listing Agreement –
MUST be CURRENT and signed by all parties; CANNOT accept an MLS listing
v Second Mortgage – If
there is a second mtg the lender may require a Letter of
Lien Release. MAX CONTRIBUTION TO SECONDS IS $1,000 - $3,000 (anything over must be paid by seller, buyer, etc)
v Addendum with language that
reflects closing on or before specific date (can’t be a holiday or
weekend) 90 days from date you put on HUD – this also acts as a buffer
and prevents having to resend updated addendum. Also need language that
the sale is contingent upon the seller obtaining Bank of America
approval. Example of wording in addendum to contract:
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