He also said that I would need to be financially distressed in order to short sell and that the bank could come after my assets. Is this true?
My realtor said that I short sale my investment condo that it would be considered fraud?
- Posted:
- 3+ months ago by redred
- Topics:
- condo, bank, after, sale, order, distressed, sell, investment
Details:
Answers (1)
As per Wells Fargo here are their requirements for a short sale:
A short sale in NOT for those who want to sell, it is only for those who have to sell. In general, you will basically have to qualify in reverse for a loan. When you purchase a home, typically you have to do everything in your power to prove that you can afford the home. In a short sale, you will have to prove to your lender that you can't afford to keep the home.
Below are the Wells Fargo short sale requirements:
A hardship letter explaining what circumstances caused you to be able to no longer afford the home
Last three months bank statements
One months of your most recent pay stubs
Last years tax returns and W-2's
A financial statement which is available on our website