Posts Tagged → Orange homes for sale
Buying An Orange Home – Understanding The Borrowers Financial Statement In A Short Sale
If the property owner wants to sell his or her property through a short sale process, there will be financial statements that must be completed prior to the lender approving a short sale. One of these documents is the borrower’s financial statement. In the statement, the borrower must list all assets owned and all outstanding liabilities. It is the loss mitigation department’s job to verify a borrower is financially insolvent.
To substantiate all information listed in the financial statement, the borrower will need to come up with documentation to verify his or her financial dilemma. He or she will need to provide the last six months of bank statements, copies of paycheck stubs, unemployment check stubs if applicable, food stamp subsidies, welfare subsidies, and proof of any other type of income received, such as child support or alimony. Furthermore, he or she will need to provide copies of the most recent credit reports from the three major credit reporting agencies. If medical problems are a major reason for the financial hardship, then the borrower needs to include documentation of medical bills.
The purpose of providing as much financial information as possible is to show the lender how desperate the borrower’s financial situation is. The more information you provide, the better the chances the lender will approve your short sale offer.
If you’re planning on purchasing Orange homes for sale going through the foreclosure process, contact a local Orange Realtor for more information.