that your agent is entitled to speak with them directly. • Preliminary closing statement: This might be called a preliminary HUD settlement statement or “HUD-1.” It shows how the money from the sale will be distributed to all participants in the sale, including agent commissions, the buyer’s financing source, payment to cover outstanding liens and taxes, etc. These items reveal the buyer’s ability to purchase and the lender’s potential loss if they approve the short sale with the buyer’s price offer. Of course, the lender will want all closing costs to be paid from proceeds of the sale. • Completed financial statement or Request for Mortgage Assistance (RMA): The RMA is the application you must complete to be considered for a modification to your existing mortgage loan and qualify for assistance. Unlike refinancing, this doesn’t depend on having a good credit score. • Your hardship letter: You must explain to the lender the circumstances that have caused you to be behind in your mortgage payments. • Your tax returns and W-2s: You’ll probably need to provide these for at least the last two years. The lender will want to make sure you’re unable to pay your mortgage balance. • Your pay stubs: The lender will likely request these for the last 30 days. • Your bank statements: Provide these for the last two months. As above, the lender wants to be sure you do not have the funds to meet your mortgage obligations. • Comparable sales: Compile a list of how much comparable homes in your area sold for recently. Better
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