Forum

logistical issues - sellers don't live in same state

Posted by Smitty on February 27, 2011 at 7:09am in Short Sale Discussions

I have a new sale coming up.  It's a father and son who live on opposite sides of the states.  The father doesn't have email, so the son agreed to collect all the paperwork and hard copy mail to Dad.  Do we need TWO sets of bank statements from each owner? TWO sets of financial statements, TWO Tax returns??

 

The father and son have the exact same name.

Thanks.

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • Kristy Hamilton March 6, 2011 at 10:15am

    If both are on the mortgage, then I would collect from both - two (2) third party authorization forms, two (2) sets of bank statements, two (2) sets of pay stubs, two (2) sets of past two years of tax returns, two hardship letters, two lists of income/expenses sheets.  Two (2) being one from the father and one from the son.  It is possible that the deed is in the name of the father AND the son while the mortgage is ONLY in the name of the father.  If that is the case, you should only need info from the father.  A title search should give you that information rather than having to bring up the issue to the lender.  I am learning that each lender has it own set of rules and some loans have different rules even with the same lender.  The father could go to a UPS/FedEx branch to fax documents in order to save time with return.

     

    Best wishes to you and your transaction!

  • Bob Bridge March 1, 2011 at 3:18pm
    If they are both on Mortgage then yes you will need separate everything (financial statement is banks forms combining borrower and co-borrower) . If one is just on deed or title then you only need the Borrower info.
  • Abraham Walker February 27, 2011 at 5:02pm
    @Bryant - What a smart idea? Instead of bringing the fish to the man, teach him how to fish. Nice.
  • Bryant Tutas February 27, 2011 at 8:18am
    Smitty. You need financial info for every person on the mortgage. Suggest that the son deliver a $50 fax machine to dad and teach him how to use it. It will make things much easier once the short sale progresses.
This reply was deleted.
********************************** like buttons ************************