Get Your Short Sale Approved By Providing The Right Financial Information To The Banks
In a short sale the bank will ask for detailed information about your finances. To consider a short sale as an option it useful that you understand what you are about to face. The bank or banks that you have loans with will be asking you for information and it is essential that you understand the kind of information that a bank will ask for.
Sometimes a bank can do a loan modification instead of a short sale in order to help out certain home owners.
So exactly what kind of detailed financial information do banks ask for?
Each bank is different and has their own rules as to what they ask for however we have found there are commonalities across banks. Below is a list of documents that banks may require. You may in fact request our 5 best tips to avoid foreclosure which outlines in detail the kinds of forms and sample forms that banks will ask for.
Sample short sale documents that banks will ask for:
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Copies of your most recent pay stubs – In order to complete a short sale banks will need to know your income level. Especially if your hours have been cut back, include what you used to get paid and what you are currently at so they can see the difference.
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Financial Form – This is one of the biggest forms that banks ask for and they will ask for detailed information about what you spend on all items every month so they can determine the approval for the short sale. Go beyond what shows up on your credit report. Include your phone bills, groceries, car insurance, etc so they truly understand that you can’t make your payments.
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Copies of Bank Statements – In order to get approval for a short sale a bank is going to want to make sure you don’t have millions of dollars in a bank account that you just don’t want to use.
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Copies of retirement Statements – If you have retirement (401k, ROTH IRA, etc) include copies of it. Especially if you have liquidated any portion of your account to make your payments, let them see that you have tried everything.
So why does the bank need all of this information?
The bank has rules and guidelines that they need to follow in order to ensure that they help the right homeowners. As unbelievable as it may seem there are home owners who would defraud a bank just so they don’t have to pay a mortgage. The bank asks for the information above so they can determine how they can best help each home owner. Sometimes a bank can do a loan modification instead of a short sale in order to help out certain home owners. Without the financial information the bank cannot determine what options are available to the home owner.
If you are worried about the documents the bank will ask for please request our 5 Best tips to avoid foreclosure which will provide more help or call us today at (847) 869-2568 so we can rush our Short Sale booklet out to you immediately and help make the calls stop or prevent them from happening.
What if I don’t have the information for the bank?
Unfortunately in order to have the bank help you the information that they request needs to be filled out in complete detail. They will be unable to help you without it. We will guide you through the process so you don’t have to worry about a single thing. We invite you to take just 30 seconds to fill out the simple form below so you can receive more information on short sales and how you can avoid foreclosure.