Navigate Your Short Sale with Confidence
Seller Resources
If our office is retained to assist you with the negotiations with your lender, your Legal Assistant will provide you with a comprehensive list of what is needed for your particular situation and lender.
Required Documents for Short Sale Review
- MZ Law Retainer Agreement
- Bankruptcy Questionnaire
- MZ Law 3rd Party Authorization Form
- Seller/Loan Information Sheet
- Recent Mortgage Statement
- Mortgage Assistance Application
- Hardship Letter
- Proof of Income- Last 2 months
- Bank Statements- Last 3 months
- Federal Income Tax Returns- Last 2 years
- 4506C
- Lender Specific Forms
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Guidance and Support for Your Short Sale Journey
Common Questions About Short Sales
What is a short sale?
A “short sale” is an option for a homeowner to avoid foreclosure when they can no longer afford the mortgage payment on the home. In a short sale, the lender allows the borrower to sell the property at its current value, even if the sale nets less than the total amount owed on the mortgage. The lender agrees to pay the seller’s commissions, closing costs, and reasonable attorney and title fees charged in most real estate short sale transactions. The terms of the short sale approval are as much a part of the negotiations as is the buyer’s offer. In many cases, the lender allows the property to be sold at fair market value and releases the seller from any future financial obligation to the lender’s loss – there may be exceptions to this and the attorney will inform you if any portion of the liability will remain after closing.
How does a short sale affect my credit?
While a short sale may impact your credit score, it is generally less damaging than a foreclosure. It shows that you took proactive steps to resolve your financial situation.
What documents are needed for a short sale?
Once our office is retained, your Legal Assistant will send you a comprehensive list of what is needed for your particular transaction. This will include, but is not limited to, the items in the above list.
How long does a short sale process take?
The process can take 3-4 months, depending on the lender’s response time and the complexity of the transaction. There are occasions when the review time exceeds 4 months for a complex transaction.
Can I stay in my home during a short sale?
Yes, you can usually remain in your home until the sale is completed. If you decide to vacate, please let our office know.
What if the Sheriff Sale date is already scheduled?
If the Sheriff Sale is scheduled, but not completed yet, there may be time to have it postponed. If the property is owner occupied and homesteaded for property tax purposes, an affidavit of postponement may be filed once by the homeowner. The postponement must be requested at least 15 days prior to the scheduled sheriff sale date. The postponement will delay the sale for 5 months, however it will reduce the following redemption period to 5 weeks. In some cases it may NOT be in your best interest to postpone the Sheriff’s Sale. A consultation with the attorney is advised in this regard.
Get Legal Help with Your Short Sale
Our team at Markve Zweifel & Heinrich, PLLC is here to guide you through every step of the short sale process. Schedule a consultation today to receive personalized support tailored to your unique situation. Let us help you navigate this challenging time with confidence and ease.