Today’s Talking Point 11/19/09

We have often mentioned how important it is to understand the ‘short sale’ process going into 2010. In order to help, I have included two forms that should be in every package going to the bank.

1. Carry Cost Analysis

This document analyzes and compares the various costs associated with a short sale transaction versus allowing a property to go into foreclosure. Although not required, this can be very useful in reinforcing the accuracy of the offers submitted to the bank.

2. Income and Expenses Schedule

The Income and Expenses schedule is a required form by most lendersto demonstrate the seller’s inability to pay the mortgage which is a key element to completing a successful short sale. The form contains several
common monthly costs as well as a space for expenses that are unique to a borrowers situation.

Click Sample Short Sale Forms in order to get the actual forms and a further explanation on how to use them.

Hope this helps.

Steve