Free Expert Consultation!

First Name*
Last Name*
I am a*

--select-- Property Owner Agent / Broker Lender Investor Media

Interested in*

--select-- Receive free consultation Short sell my property Keep property Buy property Employment opportunity Other

Street Address
City
State*

Select a State AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict Of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming

Zip
Email*
Phone*

Short Sale Information

Short Sale Articles

Sovereign Bank Short Sale

Sovereign Bank borrowers who have trouble affording their mortgage can now use short sales as an alternative to foreclosure. A Sovereign Bank short sale allows you to sell off your home for less than the amount you owe, and forward the money to the bank as a discounted payment. It lets you get rid of unmanageable debt while saving you the stress and credit damage often resulting from foreclosures. If you’re considering a Sovereign Bank short sale, read on for a quick borrower’s guide.

Requesting Assistance

All Sovereign Bank loss mitigation requests start with an application for assistance, accompanied by a number of financial documents. These include a signed financial statement, a month’s worth of pay stubs, bank statements for the last 60 days (180 days for self-employed borrowers), tax returns for the most recent year (two years if self-employed), and a listing agreement if your property is already listed for sale.

Writing a Hardship Letter

You will also need a hardship letter explaining your financial situation and why you think a Sovereign Bank short sale is your best choice. Make sure you have a valid reason for your default—if you fell behind due to bad spending habits or too much credit, you may not be approved for a Sovereign Bank short sale.

Getting Evaluated

Based on the documents you provide, the bank will decide whether or not a short sale is right for you. Usually, they first assess you for other measures that don’t involve losing your home, such as a loan modification. If you do not qualify for any other form of loss mitigation, then you will be considered for a Sovereign Bank short sale.

Selling your Home

Once you’ve got the green light to sell, you can start actively marketing your property. A real estate agent specializing in short sales can help you get word around more efficiently, which can come in handy since you have to close the deal within a given period. Any offers you approve should also be approved by the bank, so make sure to negotiate smartly and set realistic goals.

Settling your Loan

The good news about Sovereign Bank short sales is that they usually consider your loan fully paid upon closing. This means you may not have to pay deficiencies or fines, although standard fees such as processing and courier costs may apply. Once everything’s signed, you can walk away from your mortgage without any obligations.