Foreclosures Book

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 still, your agent might be able to provide a CMA (Comparative Market Analysis). ; ; Listing agreement: Assuming you already have in place a contract to sell your house, your lender will want a copy of the listing agreement between you and your real estate agent. After all, money going to anyone else is money not going to the lender. Don’t risk having the approval process delayed—or declined by the bank— just because you didn’t provide complete paperwork in a timely manner! Make it as easy and attractive as possible for the bank to approve your short sale application. Be aware of how banks/lenders typically handle the short sale process: ; ; The lender will acknowledge receipt of your file. Expect this to take anywhere from 10 to 30 days.