Forms / Requirements

The great part of a Short Sale is the anticipation of walking away from your mortgage owing the lender NOTHING. The tough part is the paperwork and preparation. The key to a successful short sale id the package your real estate agent presents to the lender. The Jennifer Young Homes team partners with a professional law firm to gather all needed information and paperwork and then the negotiations begin. Here is a list of items we will need before we can present your package to your lender:

TITLE REPORT

A title report is ordered before a Short Sale package can be presented to the lender. This will show the bank that there are no current liens on the property. A check is paid to our in-house partner company, Title Alliance in the amount of $50.00 to do this title search.

CPDE AUTHORIZATION TO RELEASE INFORMATION

This form grants your real estate agent the right to act on the homeowner's behalf when communicating with his/her lender. If you have more then one lender, fill out a separate form for each, sign and e-mail to edson.magallanes.kw@gmail.com or fax to 703-656-4898.

W2 - FOR THE PAST 2 YEARS

INCOME TAX RETURN FOR THE PAST 2 YEARS

3 BANK STATEMENTS (ALL CHECKING & SAVINGS)

3 MOST RECENT PAY STUBS

HARDSHIP LETTER

The hardship letter sets the tone for the entire file. The following is a list of hardships that are common and frequently accepted by mortgage lenders.

Family illness or injury
Illness or injury in the extended family - particularly if it forces relocation
Job relocation when the property is equity deficient
Job loss or significant income loss
Divorce or split of domestic partners
Adjustment in mortgage payment or unforeseen increase in living expenses

We can provide a copy of an example hardship letter for you at your request.

2 MOST RECENT MORTGAGE STATEMENT

SHORT SALE DISCLOSURE

HOLD HARMLESS AGREEMENT

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