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Old 03-12-2009, 07:27 PM
2 posts, read 2,206 times
Reputation: 10


How much financial information will the bank want in order to sale my home on a short sale? And how far back will they go back on are bank statements? My husband is very sick and can not work any more, and we have a little in his 401k that the stock market has not taken.
And about $15,000 in the bank fore moving from Nevada to Idaho, we can’t loose the last of are retirement, we will have nothing to live on.
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Old 03-12-2009, 08:45 PM
Location: Just south of Denver since 1989
11,496 posts, read 31,198,102 times
Reputation: 8128
They want two years of tax returns, two months of bank statements and last two pay stubs.
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Old 03-13-2009, 11:07 AM
Location: Salem, OR
14,784 posts, read 35,830,508 times
Reputation: 14795
If you get unemployment or disability you will need to give them that letter that states the amount you get.
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Old 03-13-2009, 11:45 AM
Location: Venice Florida
1,380 posts, read 5,476,650 times
Reputation: 876
To do a short sale you will need to provide a complete financial picture, signed copies of tax returns with W2's, signed irs form 4506 to allow the lender to request copies of your tax returns, bank statements, brokerage statements, list of assets with realistic valuations. Your retirement assets are not included in what the bank needs so your 401k IRA's can be excluded. Be honest, attempting to hide information can come back to hurt you.

Write a hardship letter explaining why you need to short sale your home. Be honest but make it as sad as you can. Include any documentation that will support your hardship claims.

A complete list of your debts, if your debts exceed your assets then you are technically insolvent. Good for the short sale case.

Have your broker do a broker price opinion (BPO). Make sure that it supports where you need to be to get a contract on your home. The bank will do one of their own, but the one you provide will be a basis.

Have a local title company do a preliminary HUD. I'm sure there is a title company that has been successful in closing short sales in your area.

Most lenders won't process your short sale until you have a signed contract, but submit the paperwork anyway, then submit it again when you get the contract.

Remember that the lenders are over loaded and understaffed, be sure that whoever is working with the loss mitigation dept is persistent without being alienating.

Make sure that whoever is negotiating your short sale is looking to get a signed release of deficiencies, and lobby of a credit report of account paid. You may not be successful in maintaining your credit but at least try. You are helping the bank by doing a short sale, in stead of deed in lieu or foreclosure which puts the bank into the mode of having to maintain real estate.

Good luck
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