Lake Ridge Virginia Real Estate News

 

Hi, I'm Peggy James. I'm Erick's listing specialist. I will be with you shortly.

 

In the meantime, here are some things that you will need to gather for our appointment. I like to give this information to folks up front so that you can begin to gather these items now. The process of short selling your home is just like when you purchased it, only in reverse! We must be able to prove to the bank that you no longer qualify for the monthly mortgage payment and that your hands are tied, you cannot rent for the mortgage amount and the depreciate value will not allow a healthy sale.

Items you will need if indeed you do need to sell by short sale.

  1. Hardship Letter- write a note to the bank make it one page and to the point
  2. Copies of 2 years tax returns
  3. Copies of last 2 bank statements
  4. Copies of your last 2 pay stubs
  5. Write down all your expenses, everything you pay monthly neatly on a peice of paper
  6. Copies of your current mortgage statements
  7. Copy of divorce papers, death certificate, transfer orders etc..
  8. Call your bank and request an Authorization form. Once you get it name Peggy James the ability to speak with your lender on your behalf

Start gathering these items if you are behind on your payments. There is no time to waste. The last option is foreclosure. "Remember there is no shame in selling by short sale. It is just like selling your home the normal way, except you cannot pay off the balance due to market conditions."

 

Another way to look at this is, it is happening to you, you are not choosing to short sell on purpose..

I look forward to helping you.

.

Sincerely,

Peggy James

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