Short sale documentation is often required in order to determine whether there is a verifiable hardship or proof of imminent hardship. Many short sale lenders have guidelines with respect to hardship and can only approve short sales where they collect this documentation, and verify that the seller has a legitimate hardship—not just a plan for strategic default.
In conducting short sale, agents learn how critical is to gather and submit supporting documentations on a timely matter. Frequently, precious time is wasted when lender notifies that they do not have all the documents at hand thus can't issue approval.
Short Sale Documentation-What is Needed.
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