What is a Las Vegas Short Short Sale?
The short answer is A Short Sale is when a lender agrees to accept LESS than the total amount due on the mortgage so the home can be sold
What is a Short Sale Hardship Letter?
A Short Sale a hardship letter is a letter you have to write to your lender and in it it will have to state something that has had an impact on your ability to pay your mortgage payment. The letter can be handwritten or typed, but MUST be signed and dated.
Examples of what can be a hardship….
Loss of job
Paycut or Reduction of hours making it impossible to make your mortgage payments
Job Transfer to another state
Adjustable rate payment has gone up now you can’t afford the payment
Call me to short sale your home (702) 812-4550
What does a Seller Need to Provide to Complete a Short Sale?
Documents A Seller Will Be Required To Provide For Short Sale
1. Authorization form to lender
(I will send this to you to sign)
2. Hardship letter
3. Financial Worksheet
(showing all your expenses and income)
(I can send you this form as well)
4. 2 months paystubs
5. 2 months bank statements
6. 2 years tax returns (some lenders will allow w2's)
7. Copy of recent Mortgage Statement
If you don’t have 5,6, or 7, you will need to provide a letter explaining a valid reason why you don’t have them to present to the bank and it could hinder the short sale process.
Your lender may require you to provide more or less documents, but these are what you need to be prepared to provide to so that your short sale will go more smoothlyHow much does it cost to do a short sale?
If you have a real hardship there is no upfront fee to list the home on the market for sale.
Contact me DAWN BARRIER 702-812-4550 Your Real Estate Agent/Consultant for all your real estate needs
Website Disclaimer-All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice. This is general information and is not intended to provide advice on any specific question or transaction. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home. Listing your home for sale and attempting to do a Las Vegas Short Sale is a possible solution to avoiding foreclosure but not a guarantee that your lender won’t foreclose or pursue other means of collecting the unpaid debt between what you owe and what the home may sell for. Copyright © 2013, 2012, 2011, 2010, 2009 Dawn Barrier. All Rights Reserved. Any Stats are per the GLVAR MLS as of this writing or date listed.