Before the Paradise CA Short Sale Contract

What To Do Before The Short Sale Contract

Great list for Paradise CA short sales

I have written out some items that will make the Paradise CA short sale process a much easier transaction to get to the closing table, and in a timely manner if you have what the bank is looking for.

Having these updated items is important for the transaction to close and the bank having the necessary information to approve the short sale.

Keep these items updated every month - banks will ask for updated information so it imperative that the seller keep the records up to date.

Important Items you may need to submit with your request for a Short Sale:

1. Hardship Letter
   • Provide a letter detailing the events which have made it difficult for you to make your payments.  MUST BE Signed AND Dated.
   • The letter must include the following:
     • The reason for the Short Sale request.
     • New addresses and phone numbers for all parties to the Note and Deed of Trust, if applicable.
2. Employment / Income Verification
   • Provide a copy of the last 2 paycheck stubs for each party that signed the Note.
   • If self employed, provide an income statement showing the past 2 months of income.
3. Financial Affidavit
   • Financial Evaluation Form (detailing expected monthly expenses vs. Income). Complete and include with your submission.
   • Must be signed and dated.
4. Bank Statements
   • Provide a copy of the last 2 months of Bank Statements.
5. IRS Tax Returns
   • Provide a copy of the last 2 years of IRS Tax Returns.
6. Mortgage Statements( all loans/1^ST & 2^ndloans / HELOCS )
   • Provide a copy of the last monthly mortgage statement(s) regarding the property.
7. Copy of the Listing Agreement
   • Provide a copy of the Listing Agreement, MUST BE SIGNED BY THE BROKER AND OWNER OF THE PROPERTY.
8. Copy of the Sales Contract

You need to Provide a copy of the Sales Contract.  The Contract must be legible and MUST be signed by all parties.

Please be advised that no consideration will be given without an executed sales contract. As per the negotiators of the banks.

How to Stop Your Paradise CA Foreclosure

How to Avoid a Paradise CA Foreclosure   Contact the Lender Absolutely the first step to avoid a Paradise CA foreclosure is to contact the lender and let them know your situation. In many cases, they can work with you to temporarily modify payment terms until your situation is resolved.   Never, ever ignore late notices, letters or calls from your lender. They would much prefer to work together with you to resolve the situation, but will not hesitate to begin foreclosure proceedings if it appears that you are unwilling to work with them to avoid your Paradise  foreclosure. Redo Your Mortgage If you're still current on your payments, or not too far behind, refinancing may be a viable option for you. Refinancing your Paradise home will pay off your current mortgage and in many cases lower your monthly payment at the same time. It can be the most straightforward method to avoid foreclosure. Sell Your House This may be the toughest route to stopping foreclosure, particularly if you still need somewhere to live, but it may be the only way to stay out of trouble and prevent a black mark from appearing on your credit record. If you need to sell fast, there are home buyers in our area who will allow you to do that. They can close escrow quickly, or on whatever timetable fits your schedule, and possibly allow you to walk away with cash at closing. Protecting Your Credit Ultimately, protecting your credit must be your number one goal. Your credit report will be with you for the rest of your life, and having a foreclosure noted on it will cause problems for many, many years down the road — problems that only time will erase. Take steps now to keep that from happening. It may be difficult in the short-term, but the long-term results far outweigh the alternative.