Short Sale Overview

How does the process work?

  1. Request a short sale submission package from First Source Law
  2. Return the completed package to First Source Law along with all the documentation requested on the document checklist.
  3. We contact the lender and WE GET STARTED!

What documents are required to start short sale negotiations with First Source Law?

  • Lenders Short Sale Packet/Financial Analysis
  • Listing Agreement
  • Letter of Representation (provided)
  • Hardship letter
  • Proof of income- 2 most recent pay stubs for salaried employees, if self employed see below
  • Complete 2009 tax return with all schedules (page 2 signed) If they have not filed 2009 we will need complete copies of the 2008 tax returns
  • Bank statement (2 most recent months, all pages)
  • Mortgage statements and / or any correspondence from the lender about the short sale process
  • Purchase contract
  • Proof of buyers funds or pre-qualification letter
If self- employed, in addition to the documents listed above please submit the following:
  • Previous 3 months profit and loss statement
  • If you filed as a Corporation please provide your corporate tax return in addition to your individual tax return
  • Business bank statements (3 most recent months)
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