Chicago Short Sales & Avoiding Foreclosure

Chicago Short Sales| Bank Of America Short Sales| Bank Of America Short Sales Package

CHICAGO SHORT SALES| BANK OF AMERICA SHORT SALES DOCUMENTS

In todays Chicago Short Sales blog post, I am covering what documents are required by Bank Of America for their Short Sales Package.  If you are a loyal reader of my Chicago Short Sales blog or one of my clients, you  are well aware of what a short sales package is, what documents are usually involved and how every bank has different requirements.

Currently, Bank of America is the leader in quantity of short sales deals ( They can thank Countrywide bank and the United States Government) They are swamped with short sale requests. The Bank of America Short Sales Package is definetely not shy of paperwork. If you are going to be doing a short sales with Bank of America,  you are going to need the following

Bank Of America Short Sale Documents Needed

1) Last Two Year Tax Returns
2) IRS Form 4506-T
3) W-2
4) Last two months of Bank Statements (All Pages)
5) Hardship Letter
6) Financial Analysis Breakdown
7) Utility Bills
8) If you have been laid off, you are going to need documentation of this
9) Property Tax Bill
10) Last Two Check Stubs
11) Profit & Loss Statement If You Were|Are Self Employed

These are the documents you are going to need to provide to your realtor. Do not wait until you receive a offer on your property to get the ball rolling on getting all the documents needed for your short sale. BE PREPARED!!! 

In addition to the above documents you are going to need to provide, your realtor is also going to have to send the:

1) Listing Agreement
2) Signed Purchase Contract
3) Buyers Information with the buyers names, addresses, birthdays and social security info
4) Comparable properties
5) The Listing History of your property
6) Preliminary HUD1 Statement 

Dont lose your home to foreclosure!! Let my Chicago Short Sales Team help you avoid foreclosure and all the negative aspects a foreclosure brings.  Contact us today to schedule a Free and Confidential consultation to see if a short sale will work for you!  All you have to lose is Phone Call or Email!

Documents Needed For A Short Sale| Chicago Short Sales| Short Sale Documents

SHORT SALES DOCUMENTS| CHICAGO SHORT SALES

Whether we are talking about Chicago Short Sales, Naperville Short Sales or Skokie Short Sales, the one thing that all of these have in common is PAPERWORK!!! There are several documents needed when attempting a short sales. 

Every bank has their own specific addendums and forms that they want to be completed by the home owner, but just about every bank out there is going to ask for the same Basic and Essential paperwork needed to get the short sales process going... Lets see exactly what I am talking about

DOCUMENTS NEEDED WHEN PREPARING A SHORT SALE

1) AUTHORIZATION TO RELEASE
Signed and Dated by the Seller, the Authorization To Release Form is required if you are having a Chicago Short Sales Realtor or Attorney involved in the short sales process. This letter basically states that you as the homeowner are allowing the bank to release confidential information about your mortgage to a third party and are allowing the third party to negotiate on your behalf. A bank WILL NOT SPEAK to your realtor or attorney until this is signed

2)  LISTING AGREEMENT

3) SIGNED COPIES OF THE HOMEOWNERS LAST 2 FILED 1040 TAX RETURNS

4) TWO MOST RECENT MONTHS OF HOMEOWNERS PAY STUBS
If the homeowner is unemployed, then proof of unemployment must be sent in place of pay stubs

5) IF HOMEOWNER IS SELF EMPLOYED, THEN A YEAR TO DATE, PROFIT AND LOSS BALANCE SHEET MUST BE SENT

6) TWO MOST RECENT BANK STATEMENTS

7) SALES CONTRACT SIGNED BY SELLER AND BUYER

8) PRELIMINARY HUD 1 STATEMENT
A Hud 1 Statement is a breakdown of what the bank is actually going to walk away with on the property. This is not an exact Hud 1, but it is fairly close.  Getting an attorney to handle this is a wise choice.

9) HARDSHIP LETTER
 The hardship letter is written by the homeowner and it explains what has happened for the seller to have fallen in arrears on their loan.. Be thorough but brief in this  letter

READ THIS!!!!!
WHEN, AND ONLY WHEN your bank receives the full short sales package will the short sales negotiating process begin..(unless you have a fha loan...we will discuss the short sales process in other posts).. Until the short sales package is received, the short sales process HAS NOT STARTED!! 

Dont lose your home to foreclosure! Let my Chicago Short Sales Team help! Contact us NOW to set up a confidential consultation to see if a short sale will work for you! You have everything to gain and nothing to lose by contact us by phone or email today!

Jim Kontos
President-Broker-Chicago Short Sales Expert
RE/MAX 1st Class
RE/MAX Short Sales
Cell 630 327 9136
Office 847 674 9797
jpkontos@gmail.com
www.mychicagoshortsalesite.com
www.jkontos.illinoisproperty.com

there are several Chicago Short Sales Realtors out there to chose from, but only a handful of these Chicago Short Sales Realtors have the knowledge and expertise that we do!