Short Sale Tip # 5: Homeowner Financial Package

Short Sale Tip # 5: Homeowner Financial Package

Now that you are asking for a reduction in their payoff, and after you have submitted a real tear-jerker of a Hardship Letter, the bank wants to see how the hardship has truly affected the homeowner financially.

The homeowner needs to provide you with the following information:

• last 2 years W-2
• current financial / balance statement
• last 3-4 months bank statements
• last 2 years of tax returns
• last 4 pay period pay stubs
• a copy of a statement of all 401k or retirement accounts

The homeowner financial information is important because the mortgage lender will want to see a snapshot of the borrower’s current financial situation. The bank statements and financial statements must show that the borrower is in a dire situation that is not likely to change.

Also by getting this information from the homeowner early in the process you will be able to determine if they are going to be able to comply. If they can’t and something smells fishy at least you will know about it early on.

After all, when Mr. Homeowner applied for his mortgage he gave the bank what was assumed to be a realistic and somewhat verifiable assessment of his financial health when he received the mortgage.

However..be extremely careful….if the foreclosure is within 2 years of receiving a mortgage or refinance, make sure the before and after pictures are somewhat related.

Bank Fraud is rampant and submitting these documents could open a can of worms if either the before or after information is not explainable.

At our seminar, we show you how to properly compile and present the homeowner’s financial information package. We’ll also show you how to properly submit the necessary financial information from the borrower / homeowner to illustrate to the bank that your client is worthy of a short sale and that it is in the best interest of the bank to accept the proposal.

Click Here For A Free Downloadable Copy In Our Free Forms & Documents Section

At our seminar, we show you how a hardship letter is to be written and what information must be contained in the letter when it is submitted as a part of the overall short sale package.

If you are ready to take the next step in your real estate career and want to learn how to profit from foreclosures, make sure you enroll in one of our upcoming Pre-Foreclosure / Short Sale Seminar Workshops.

You will learn how the foreclosure process works and how you can profit from this growing market. Instead of thinking that the market has turned against you, get educated and learn how to take advantage of this unbelievable opportunity for the educated real estate industry professional.

March 15, 2008 - West Palm Beach, Florida - $250.00 discounted to $195.00 if you register prior to March 8, 2008 - REGISTER NOWMarch 22, 2008 - Orlando, Florida - $250.00 discounted to $195.00 if you register prior to March 15, 2008 - REGISTER NOW

See our video below to see what some of our past attendees had to say about the Ultimate Pre-Foreclosure & Short Sale Seminar!

This seminar presentation is unlike any other short sale seminar on the market. Many of our attendees have taken the class 3 and 4 times or more!

90% of our seminars sell out in advance.

If you feel that you can become a short sale expert by taking a rip-off imitation seminar or a free board seminar, then you are really missing the boat on short sale opportunities!

For more information on the 2008 Ultimate Pre-Foreclosure & Short Sale Seminar Series, please call us at 954-566-0923.

Other Posts you may find Interesting...

• Real Estate Radio USA Episode 74
• I Hate Paying Taxes!
• Short Sale Tip #13 : 5 Questions To Ask The Seller…Before Taking The Listing For a Property in Foreclosure
• Short Sale Tip #10 Overcoming Objections with the Homeowner
• Short Sale Tip # 9: The Role Of Mold In Obtaining A Big Short Sale Discount