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Short Sale Information

Short Sale Articles

National City Bank Short Sale

Short sales are one of the many loss mitigation options offered by National City Bank, and one of the most popular alternatives to foreclosure for seriously delinquent borrowers. In a National City Bank short sale, the bank allows you to sell your home for less than the amount you owe and accepts the money as payment for your mortgage. This relieves you of the mortgage burden without putting you through the whole foreclosure process. If you think you can benefit from a National City Bank short sale, read on for a few useful tips.

What you Need National City Bank Short Sale

As with most short sales, documentary requirements usually include bank statements, W-2s and tax forms, your latest mortgage bills, and a copy of your mortgage contract and deed of trust. In some cases, the bank also requests a hardship letter where you explain the circumstances of your default and how a National City Bank short sale can help you.

You may also want to hire a short sale attorney to guide you through the whole process. While it’s possible to get a National City Bank short sale on your own, a good attorney can help you make a stronger case, negotiate better, and sell off your home much faster.

Negotiating your Terms

National City Bank short sale conditions can vary from borrower to borrower, so it’s up to you to negotiate your own terms. Work with your agent to set a reasonable price based on current market data, and provide supporting documents to back up your proposal. This step can take anywhere from a few days to several weeks, depending on how you agree.

Listing and Marketing

Once you’ve got approval for a National City Bank short sale, you and your agent can put your home on the market and start looking for buyers. Short sales tend to set a tight time frame for selling, so make sure to get word around as efficiently as possible. Your agent can help you evaluate buyers’ offers and choose one that makes the most financial sense.

Waiting for Approval

One difference between a National City Bank short sale and a regular sale is that the bank has to approve the offer before the sale can push through. After you’ve picked an offer, you have to submit it to the bank, where they will go through it with any lien holders on your mortgage. This can take several weeks depending on how many parties are involved.

Closing the Short Sale

The final step in a National City Bank short sale is closing the deal, wherein you finalize the sale and your buyer gets official ownership of your home. You also pass the check on to your lender so that your mortgage will be cleared. Afterwards, you sign a number of short sale documents and give copies to the agent, and you can walk away without any obligations.