Below you will find the required documents needed to process any Short Sale. Incomplete packages are the number one reason why Short Sales fail.
List of Required Income Documents:
- W-2 Employee:Last 30 days pay stubs (1 for monthly; 2 for bi-weekly; 4 for weekly)
- Self–Employed: Most recent YTD Profit & Loss Statement
- Proof of Other Income:Social Security, Pension, Disability award letter, Proof of Alimony, Child Support, or any other source of income
Asset documents required:
- Last 60 days of Primary Checking account, all pages (even the ones that say, “Intentionally Left Blank” or that have a page number on them.
- Any Retirement or 401-K account reflected on pay stubs.
Tax documents required:
- Last 2-yrs tax returns, all schedules
- If most recent tax year was granted an extension, the seller must provide the proof of extension mailed by the IRS.
- Typed letter explaining the reason seller fell behind on payments. This letter should clearly explain the steps leading up to the hardship (Usually 3-5 paragraphs)
- View Sample Hardship Letter
Letters of Explanation:
If seller (s) does /do not have or cannot provide any of the above required documents, they must document in writing (signed and dated) a detailed explanation of why.