Forms / Requirements

The great part of a Short Sale is the anticipation of walking away from your mortgage owing the lender NOTHING. The tough part is the paperwork and preparation. The key to a successful short sale id the package your real estate agent presents to the lender. The Jennifer Young Homes team partners with a professional law firm to gather all needed information and paperwork and then the negotiations begin. Here is a list of items we will need before we can present your package to your lender:

TITLE REPORT

A title report is ordered before a Short Sale package can be presented to the lender. This will show the bank that there are no current liens on the property. A check is paid to our in-house partner company, Title Alliance in the amount of $50.00 to do this title search.

CPDE AUTHORIZATION TO RELEASE INFORMATION

This form grants your real estate agent the right to act on the homeowner's behalf when communicating with his/her lender. If you have more then one lender, fill out a separate form for each, sign and e-mail to edson.magallanes.kw@gmail.com or fax to 703-656-4898.

W2 - FOR THE PAST 2 YEARS

INCOME TAX RETURN FOR THE PAST 2 YEARS

3 BANK STATEMENTS (ALL CHECKING & SAVINGS)

3 MOST RECENT PAY STUBS

HARDSHIP LETTER

The hardship letter sets the tone for the entire file. The following is a list of hardships that are common and frequently accepted by mortgage lenders.
  • Family illness or injury
  • Illness or injury in the extended family - particularly if it forces relocation
  • Job relocation when the property is equity deficient
  • Job loss or significant income loss
  • Divorce or split of domestic partners
  • Adjustment in mortgage payment or unforeseen increase in living expenses

We can provide a copy of an example hardship letter for you at your request.

2 MOST RECENT MORTGAGE STATEMENT

SHORT SALE DISCLOSURE

HOLD HARMLESS AGREEMENT

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