In a previous post we talked about the SunTrust short sale process; in this post we are going to focus on what is needed for the SunTrust short sale package. This stage is assuming that you have an offer on the property as some of the required docs will only be provided to you once you have the offer.
A couple of key points to remember here is to make sure everything is legible, and that your loan number is on EVERY document you send in to SunTrust. Below is what needs to be provided to start the short sale process with SunTrust. You can go here to get a copy of some of these docs: http://stmmktg.securebusinessweb.net/LossMit/ShortSale.pdf
From your real estate agent:
• Arm’s Length Transaction document (this has to be notarized by all parties before sending in: buyer, seller, and both real estate agents)
• HUD-1
• Fully-executed listing agreement
• Fully-executed purchase contract
From the Homeowner:
• Signed and dated financial worksheet listing all monthly expenses
• Signed and dated hardship letter (an explanation of why the homeowner is unable to pay the mortgage)
• Letter authorizing the real estate agent access to information on the account (must be dated and include the last 4 digits of the mortgagor’s Social Security Number, signature, full account number, and
the complete property address)
• Last two (2) years tax returns – signed
• Two (2) most recent bank statements (within 30 days)
• Third party authorization form (to speak with real estate agent, attorney, or other 3rd party)
• Current year-to-date profit and loss statement (if self-employed)
• Two (2) most recent pay stubs (within 30 days)
• Signed 4506-T form
• Uniform Borrowers assistance form 710 if the loan is owned by Fannie Mae or Freddie Mac
Once all these documents are fully completed they should be numbered (in case one gets lost or
misplaced) and then you should contact SunTrust within 48 hours of sending them in to verify they have been received. When you call in to verify they have the docs, tell them you want to “open a short sale template” and that you want to start the short sale process. If all the documents requested are complete, they will assign someone to your file once reviewed and initiate the process. For more information on the process, check out this prior post.