Short Sale Checklist

Qualifying for a "short sale," that is a sale that is "short" of what you owe the bank, requires two critical first steps:
1. A personally written letter of hardship telling them what's happened to get you into this mess, and 2. an up to date financial statement.
That means the last two pay stubs and last two months bank statements, plus an updated list of expenses. Think of it as a simple "fill in the blanks" exercise. Include regular monthly expenses even if you cant pay them right now.

Homeowners Insurance (if not included in your mortgage)
Real EState Tax
Heat, Electric and other Utilities
Groceries
Lunches
Transportation, Parking, Tolls
Clothing
Dry cleaning/ Laundry
Cell Phone
Internet Service
Association Dues
Recreation/Spending Money
Charitable donations
Car Payment
Gas
Other Expenses
Total Expenses:

A. Total Monthly INcome
B. Total Monthly Expenses
C. Residual Income

Balance in 401K______ Cash Value of Stocks__________
Balance in IRA_______ Other Valuables to be sold:_____________
Cash on Hand________ Other Mics. Assets__________________

If you think your home will sell for less than you owe the bank you need a realtor who is a CDPE, a Certified Distressed Property Expert, with experience helping people through this process.