Suntrust Bank Short Sale
If you have a Suntrust Bank mortgage you can no longer afford, you’ve probably entertained the idea of letting your lender foreclose. But that isn’t your only option; in fact, Suntrust offers loss mitigation solutions for pretty much every homeowner. One of the most popular these days is a Suntrust Bank short sale, wherein you sell your home for less than your outstanding balance and the bank accepts the proceeds as payment for your loan. Read on for a quick guide to starting the Suntrust Bank short sale process.
Evaluation and Counseling
First, you have to call the Suntrust Bank short sale office and have them review your financial information, usually to see if you qualify for other alternatives. If they find you a good candidate for a short sale, they may also give you short sale counseling to prepare you for the process.
The next step is submitting a short sale package containing your application along with a bunch of documents. These includes tax returns from the last two years, your two latest bank statements, and your two most recent pay stubs. If you’re working with a short sale agent, you must also include a letter authorizing them to do business on your behalf.
Also an important element is your hardship letter. This is basically where you explain why you’re no longer able to afford the home, and why a Suntrust Bank short sale is your best option. A short sale agent or attorney can help you draft the letter to meet the bank’s standards.
Property Valuation and Negotiation
Once the bank receives all your documents, they will complete an appraisal of your property to set the selling price. Your file will be assigned to a Suntrust Bank short sale negotiator, who will go over your documents to see if your offer is acceptable. You or your agent will be working closely with the negotiator to set your price, sale terms, and final settlement date.
Selling your Home
The Suntrust Bank short sale approval is usually good for 45 days. Within this period, you must find a suitable buyer and close the sale. Suntrust also has an arm’s length policy for short sales; this means you cannot sell your home to family, friends, or anyone you have a close personal or business relationship with. If you do not meet the deadline, you may have to go through the approval process again.