Jacksonville Florida Short Sales FAQ: I’m broke, will I have to bring money to closing?
This is a common question I get all the time. This is something that is totally up to your lender and has to do with your hardship. Most lenders require to see some type of financial information from the home owner. Typically, they require a financial worksheet showing what you have coming in as far as income and what you have going out as far as bills. Usually required by your lender is 1 or 2 years tax returns, 2 or 3 months of bank statements and 1 or 2 months of paycheck stubs. This is how they determine if you truly have a hardship or not.
With the short sales I’ve done in the past, the sellers who have had to bring money to closing have had the following situations: 2nd mortgage or HELOC, still making payments, investment property or PMI (private mortgage insurance) on the home. This does not mean that if you are in those situations, you will have to bring money and it also doesn’t mean if you’re NOT in those situations, you won’t have to bring money. There’s no guarantee you won’t have to bring money to closing in any situation, but alot of it depends on your financial picture and hardship. If you truly have a hardship and proof of that, you may not have to bring a cash contribution.
I am not an attorney or tax expert, you should seek legal or tax advice from an attorney and CPA.
Got questions? Are you in a short sale and/or pre-foreclosure situation with your Jacksonville Home? Call me at 904-910-3516 or send me an email at pam@pamgraham.com to discuss your options.
Coming soon, more Jacksonville Florida Short Sales FAQ:
How long will a short sale take?
Will the bank come after me for the difference?
How will a short sale affect my credit?
I have no money, will I have to bring money to closing?
How will the closing costs get paid?
How long does it take for the bank to foreclose on my home?
What are the tax ramifications doing a short sale?
How does the bank determine how much they will accept?
Can a family member buy my home, then let me stay and rent it from them?
How do I hire the best real estate agent to get my short sale done?
