In order to complete a Knoxville short sale, your lender will require a whole slew on documentation. Every lender and investor has different requirements for what they require, but much of the documentation is the same. The paperwork collected for a short sale is both quantitative and qualitative. The the quantitative will show the math of what makes paying your monthly difficult. The qualitative aspects will tell the story behind what makes paying your mortgage payment difficult and clarify the hardship that you went through. Both of these aspects are critical for completing a Knoxville short sale.
If you are considering doing a short sale on your home, here is some of the documentation that your lender will require:
- Two years tax returns with W-2s
- Three months bank statements
- Current monthly budget
- All mortgages with account numbers
- Any pending bankruptcy
- Hardship letter
- Last 30 days pay stubs (if applicable)
One of the biggest reasons short sales can fail or take longer is due to documentation. It is essential that you get the required documentation to your agent as soon as possible. It is also essential that you select an agent that will be proactive about following up with the lender and making sure that they have everything they need. Throughout the process, your lender may request updated documentation, and while it may be frustrating at times to be sending them the same things, the cooperation will only make things easier in the long run.
Successfully completing a Knoxville short sale can allow you to avoid foreclosure on your Knoxville home. It will also do far less damage to your credit than foreclosure and will allow you to purchase a home much sooner in the future. And, in most cases, it will allow you to walk away from your home debt free.
Are you a Knoxville homeowner who is facing foreclosure? Are you curious about what options you may have to avoid foreclosure on your Knoxville home? If so, please do not hesitate to give me a call at 865-696-9002 or send an email to [email protected]. My team and I are dedicated to helping Knoxville homeowners explore their options to avoid foreclosure.