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Short Sale Information

Short Sale Articles

Regions Bank Short Sale

Regions Bank, a leading mortgage lender, has responded to the housing crisis by offering a wide range of loss mitigation options. Among the most popular these days is a Regions Bank short sale, wherein you sell off your home for less than your mortgage balance and forward the proceeds to the bank. To find out if it’s the right solution for you and how to get started, here’s a quick guide to the Regions Bank short sale process and qualifications.

Who Qualifies for Regions Bank Short Sale

According to the bank’s loss mitigation department, the Regions Bank short sale package best suits borrowers who have upside-down mortgages and can no longer afford to live in their homes. You must also be in default for one to three months to be considered. Since short sales are considered a last resort for foreclosure, Regions may first look into your financial status to see if there are other less drastic alternatives, such as loan modification.

What you Need

The bank will want an accurate picture of your financial situation so they can properly assess you. Among the most important requirements are your mortgage contract and most recent mortgage bills, tax forms, bank statements, pay stubs (usually from the past two months), and a copy of your deed of trust. The bank may also request a hardship letter detailing your situation and explaining why a Regions Bank short sale is your best option.

Selling your Home

Once you’ve been approved for a Regions Bank short sale, you can start taking steps to selling your home. Experts strongly recommend working with a short sale agent, as there is usually a strict time frame for selling. An agent can help you market your home more effectively and find more potential buyers. Choose an offer that best serves your situation and is most likely to get bank approval—your agent can help you make this decision.

Closing the Regions Bank short sale Deal

The last step in a Regions Bank short sale is closing the sale and turning the proceeds over to the bank. Make sure to have all the documents on hand the day before; if there are any terms you don’t understand, now’s the time to bring them up with your agent. Note that not all Regions Bank short sales will clear you completely of your debt, so you may have some fees to pay afterwards.