For some homeowners with credit union as their mortgage holder, the option of a short sale wasn’t really an option. However, Desert Schools Credit Union has streamlined their process. Their list of required documents is fairly similar to other lenders! They are also very thorough!
Required Documents by Desert Schools Credit Union
From the Realtor:
- Listing Agreement
- HUD-1, Settlement Statement
From the Homeowner:
- Most recent paystub
- 2 years of W-2 forms
- Last 2 years of tax returns with all schedules
- homeowner’s insurance declarations page
- Last 2 years of corporate tax returns (if applicable)
- Most recent 401k statement
- Last 2 months bank statements (all accounts)
- Lease agreement (if home is rented)
- Divorce or separation agreement (if applicable)
- Unemployment benefit award letter (if unemployed)
- Notice of layoff, termination or furlough from employer (if unemployed)
- Most recent Social Security or pension benefit award letter (if applicable)
- Pre-foreclosure Sale Policy Agreement (from Desert Schools)
- Desert School’s Disclosure form
- Making Home Affordable Application
What I found a bit odd is what was missing from the list, a hardship letter & letter of authorization for us, the realtor, to speak with the lender.
This is all good news, banks are more receptive to short sales and even credit unions are taking a loss.
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