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Short Sale Intent Disclosure Short Sale Intent Acknowledgment Disclosure

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The document is an affidavit and disclosure for borrowers acknowledging their decision to pursue a short sale due to prolonged financial hardship. It outlines the understanding of the short sale process, the role of a designated representative in negotiating with lenders, and the potential implications on personal liability and credit scores. Borrowers affirm their awareness that they may still be held responsible for any remaining mortgage balance after the short sale.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Why would a bank deny a short sale?

However, short sales work differently because the seller doesnt have enough equity to cover the outstanding mortgage balance, let alone additional costs. Instead, the lender who approves the short sale typically pays the realtor commissions.

What is the SEC rule for short sales?

The Uptick Rule (also known as the plus tick rule) is a rule established by the Securities and Exchange Commission (SEC) that requires short sales to be conducted at a higher price than the previous trade. Investors engage in short sales when they expect a securities price to fall.

Whats a typical reason that a seller might opt for a short sale?

Banks typically prefer to recover as much of their loan balance as possible. If the purchase offer on the property is significantly below the outstanding mortgage balance and the bank believes they can recover more through foreclosure, they might deny the short sale.

Why would a bank accept a short sale?

Lenders allow short sales in order to avoid foreclosure, which is a time-consuming and expensive process. A short sale can only happen with the lenders permission, and a lender wont agree to it unless the seller successfully demonstrates hardship.

What is a typical reason that a seller might opt for a short sale?

Short sales usually occur when a homeowner is in financial distress and has missed one or more mortgage payments. Foreclosure proceedings may be looming ahead.

How to qualify for a short sale?

Here are two critical factors the mortgage company will consider when deciding whether to approve a short sale: The home has to be worth less than the homeowners payoff amount. The homeowner must be able to prove financial hardship.

Why would a seller do a short sale?

Avoiding Foreclosure: As mentioned earlier, a short sale can help sellers avoid the damaging consequences of foreclosure. Reduced Damage to Credit: Although a short sale still negatively impacts credit scores, its generally less severe than a foreclosure, allowing sellers to recover more quickly.

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