Short Sales, Banks require information

In a short sale the bank will ask for detailed information about your finances. We find it useful that home owners considering the option of a short sale know what they are about to face. The bank or banks that you have loans with will be asking you for information and it is key that you understand the kind of information that a bank will ask for. The SocalShortSale.net team put this information together from our experience in guiding home owners through the short sale process.

Each bank can have it's own rules, so you need to understand what to submit to get your package approved.

So exactly what kind of detailed financial information do banks ask for?

Each bank is different and has their own rules as to what they ask for however we have found there are commonalities across banks. Below is a list of documents that banks may require. You may in fact request our Short Sale Facts for Home Owners Book that outlines in detail the kinds of forms and sample forms that banks will ask for.

Sample short sale documents that banks will ask for:

  1. Copies of your most recent pay stubs – In order to complete a short sale banks will need to know your income level.
  2. Financial Form – This is one of the biggest forms that banks ask for and they will ask for detailed information about what you spend on all items every month so they can determine the approval for the short sale.
  3. Copies of Bank Statements – In order to get approval for a short sale a bank is going to want to make sure you don’t have millions of dollars in a bank account that you just don’t want to use.

So why does the bank need all of this information?

The bank has rules and guidelines that they need to follow in order to ensure that they help the right homeowners. As unbelievable as it may seem there are home owners who would defraud a bank just so they don’t have to pay a mortgage. The bank asks for the information above so they can determine how they can best help out each home owner. Sometimes a bank can do a loan modification instead of a short sale in order to help out certain home owners. Without the financial information the bank cannot determine what options are available to the home owner. If you are worried about the documents the bank will ask for please review our Short Sale Facts for Home Owners Book or call us today at 1-888-379-9944 so we can rush one out to you immediately and help make the calls stop or prevent them from happening.

What if I don’t have the information for the bank?

Unfortunately in order to have the bank help you the information that they request needs to be filled out in complete detail. They will be unable to help you without it. Our experts guide you through the process so you don’t have to worry about a single thing. The simple form will allow you to receive more information on short sales and put you in contact with a short sale expert who can help you