Info Needed From Seller for Short Sale

(My Original Blog Post: http://ping.fm/Mrnd4)
LEAD INFO NEEDED FROM SELLER:
Property Title Info:
Currently Single?
Divorced?
Divorced When?
Borrower Info:
First Name:
Last Name:
Home Phone:
Cell Phone:
Best Time to Call:
Email:
Fax:
Co-Borrower Info:
First Name:
Last Name:
Home Phone:
Cell Phone:
Best Time to Call:
Email:
Fax
1st Lender Info:
Lender Name:
Amount Owing:
Monthly Payment:
Payments Behind:
Reinstatement Amount:
Type of Loan: Conventional, FHA,VA
Do you pay PMI:
Account
2nd Lender Info:
Lender Name:
Amount Owing:
Monthly Payment:
Payments Behind:
Reinstatement Amount:
Type of Loan: Conventional, FHA,VA
Do you pay PMI:
Account
Property Info:
Are you working with a real estate agent currently? MLS#?
Address: City: Zip: County:
Bed: Bath: Garage Stalls:
Property Style Type: Multi-Unit? Sq Ft? Year Built?
Estimated Market Value:
Does it need repairs: Estimated $:
List of repairs needed:
Sheriff Sale Date:
End of Redemption Date:
Is the property currently occupied or vacant?
Have you had a bankruptcy? Date When? Date Discharged: Chapter 7? Chapter 13?
Other liens on the property? Any judgments? Past due water bills? Past Due TaxesShort Sale Documents that we will need soon from the homeowner are:
1. Signed Authorization to Release form
2. Tax returns for the last 2 years (1040)
3. Pay stubs from last 2 months (+spouse)
4. Bank statements last 3 months+ (joint accounts)
5. Recent mortgage statements for all properties
6. Hardship letter (handwritten)
7. Financial form will be provided
8. P&L statement for Self Employed and Properties
Related Articles:
Taxation of Forgiven Debt: The 1099C & You written Feb 24, 2006
Excerpts from IRS publications 544 and 507 Regarding Form 1099-C
Seller’s Legal and Tax Liability in Short Sales April 22, 2008
H.R. 3648 The Mortgage Forgiveness Debt Relief Act of 2007
Questions and Answers on Home Foreclosure and Debt Cancellation
The Taxpayer Relief Act of 1997
IRS Sales and Other Dispositions of Assets
IRS Section 1082 Basis Adjustment Reduction of Tax Attributes Due to Discharge of Indebtedness
IRS 1099-A
IRS 1099 A & C
Disclaimer: MinnesotaInvestors.com, Inc. is a licensed Minnesota real estate broker. Minnesotainvestors.com, Inc. handles the marketing end of short sales, provides education and answers questions. Our affiliate short sale specialist will later assist you. The information on this page and the website are for information and educational purposes ONLY and cannot be deemed as legal or tax advice. Please consult your attorney for any legal advice regarding your foreclosure process, your CPA and/or account for tax related questions
Please contact me at the following info:
Ron Orr, Jr.
Real Estate Agent/Broker
MinnesotaInvestors.com, Inc.
Phone:763-300-1648
Fax:763-390-0011
ron@minnesotainvestors.com