Considering a Short Sale? What To Expect From the Bank

Considering a Short Sale? What To Expect From the Bank

If you are considering a short sale on your home in Santa Monica, and anywhere else, you must receive bank approval to move forward with any buyer for your home.

The bank will be taking a loss, and prior to approving a short sale will request document from you. Why are they wanting all of this personal information from you? Similar to when you applied for the loan, they need to document your finances. With your financial statements, and hardship letter your lender will be able to document the loss on their end.

We are in the process of gaining short sale approval with Wells Fargo. Listed below are the items you can expect Wells Fargo to ask you for.

 

We can help you understand your options if you’re facing payment challenges. To identify possible solutions we’ll need some details about your financial picture, including:

Employment

  • Employment status (employed, self-employed, or unemployed)
  • Occupation
  • Employer

Monthly income

  • Pre-tax pay (your salary or wages before any taxes or deductions)
  • Take-home pay (your net pay—the amount you actually receive)
  • Child support or alimony received (providing this information is voluntary)
  • Unemployment benefits
  • Disability benefits
  • Social Security benefits
  • Rental income (any income you receive from rent payments)
  • Interest and dividends (any income you receive from investments or annuities)
  • Any other income

Household expenses

  • The number of people living in your household
  • The number of vehicles owned or leased by members of your household
  • Estimated monthly spending on:
    • Food
    • Utilities
    • Transportation
    • Cable, internet
    • Clothing, dry cleaning
    • Tuition, school expenses
    • Child care
    • Child support or alimony payments (not including payments that are automatically deducted from your paycheck)
    • Medical expenses
    • Property maintenance
    • Homeowners association fees
    • Homeowners insurance (monthly amount, if not included in your mortgage payment)
    • Property taxes (monthly amount, if not included in your mortgage payment)
    • Personal loans
    • Lines of credit

For more information on short sales with Wells Fargo, please visit their website or you can contact us directly at 310-737-8173.

We have been helping homeowners avoid a foreclosure via short sale in Santa Monica, Venice Beach, West LA, Culver City, Playa Vista, and Los Angeles since 2008. For a private consultation to see if a short sale is right for you, call Kristine at 310-737-8173.

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