One of the essentials when it comes to doing a short sale successfully with Chase is making sure that you have all the correct documents included with the Chase short sale package when you proceed down the short sale path. Chase has specific requirements unique to their company and requires that the Chase package is filled out and that you also send documents in along with their branded package. You can download the actual package that is a requirement from them by going to this webpage: https://www.chase.com/ccpmweb/chf/document/ChaseShortSaleFull.pdf
Along with all the documents in this package Chase also requires the following:
- Two most recent pay stubs (full pay stubs, not just a copy of direct deposit) If you are self-employed they will require a YTD profit and loss statement.
- Last 60 days of bank statements and they must be complete, meaning no online statements that do not supply the full account number and all numbered pages.
- Last two years of tax returns, full copies and they must be signed
- A financial hardship letter that explains why you need to apply for a short sale
- A copy of a listing agreement from your realtor
- A copy of your MLS sheet from your realtor
- Fully executed and signed Chase short sale package including the Request for Mortgage assistance, 4506 T EZ form and third party authorization.
The items referenced above are provided prior to having an offer on the property. It is imperative that clear and legible copies are submitted and the exact documents listed above are provided before getting started. Chase will not move forward with the short sale process until they have received your entire short sale package, and have reviewed it for completeness. It is also a good idea to number every page and put your loan number on the top of every page as they receive thousands of short sale requests every day and there is a good chance that at times your documents could get mixed up with others.
One of the keys to success with short sales and Chase is to ensure they get a complete package in a timely manner as that is when the process starts. Sending incomplete or incorrect documents only delays the process and can cause issues with moving the file forward. This is just one of many tips for help with short sales with Chase. Please contact us for more information about Chase short sales.