Fifth Third Bank Short Sale
Do you have a Fifth Third Bank mortgage that’s seriously delinquent, in negative equity, or at risk of getting foreclosed? You may want to consider a Fifth Third Bank short sale. Basically, this involves getting the bank to accept a discounted payment for your loan, so that you can sell off your home for less than what you owe on it. That way, you can walk away from a heavy mortgage and get back on track without going through the whole foreclosure process. Thousands of homeowners have already benefited from a Fifth Third Bank short sale, and many more expect to get help in the coming months.
Getting Started with Fifth Third Bank Short Sale
The first step to getting a short sale is calling up the lender to learn about their requirements. Fifth Third Bank may require you to be a certain number of days behind before granting a short sale. Find out what you need to qualify, what documents you need to submit, and how long it usually takes. It’s also a good time to look around for short sale agents, as they can guide you through the whole Fifth Third Bank short sale process.
Preparing your Application
Among the documents you’ll need to submit are bank statements, pay stubs, tax forms, and copies of your mortgage contract and deed of trust. You may also be asked for a hardship letter, where you explain your situation and convince the agent that you need a Fifth Third Bank short sale. Once everything’s ready, you can send in your application kit.
Listing and Marketing your Home
After the bank has assessed and approved your proposal, you can start putting up your home as a Fifth Third Bank short sale. Most short sales are treated just like regular sales, so you can use the MLS, newspapers, posters and flyers, and online listings. Your agent can help you get word around and plan a marketing strategy to find more buyers faster.
Waiting for Evaluation
After you’ve gone through the offers and picked the one that makes the most sense, you can turn it over to your lender so they can approve it as well. This can be the longest part of a Fifth Third Bank short sale, as several parties have to read and approve the offer before the sale can close. They may need to contact your buyer to request changes to the offer or negotiate the selling price.
Closing the Sale
You can start preparing for closing once Fifth Third Bank has confirmed the short sale. On closing day, you sign all the documents and turn over ownership of your property, as well as forward the proceeds to the bank. Afterwards, you settle any fees you have to pay (such as processing fees and deficiency claims), and your mortgage is considered cleared.