Short Sales: Borrower(s) Are you ready? .....Answers/items to have for your agent

If you feel you may be in need of a short sale, you should do your homework on what you will need to have to provide to the agent. ADVICE: Choose an agent that knows how Short Sales work, have experience with short sales and is willing to do a short sale. In addition it is always a good idea to show your identification to the agent to be sure they know that you have the right to sign to list and sell the property.

First thing to do: Contact your lender and request a loan modification or other options.

Here are some items, questions that you will need to know the answers to:

• Name, Address of all borrowers on the property......
• Are you in current hardship......?
• Have you contacted your lender to ask for a loan modification or other options? If yes, what did they tell you....?
• What do you owe on your mortgage.....?
• Are you in default....? If yes, when did you go into default and do you have the paperwork?
• How Many Lenders or Lienholders do you have?
• Who are the lenders? 1^st and 2^nd Lienholders?
• Are you serious about doing a short sale?
• The agent should tell you that you will the following: Do you a problem getting any of the following

Current pay checks stubs (last 2 at least)

W2s for last year

Tax forms for last year

Hardship letter in your own words

Financial statement * you can use the one you used to request the loan modification

• Is this your primary resident?
• Do you have other properties that are/are not in trouble?
• When can you meet?

Your agent may have other questions but will be really relieved if you have these questions already answered for them. It will save time.

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