To save your self time and headache, it's a good ideal to obtain a few documents before contacting the banks. Most banks will request the following information;

CHECKLIST OF DOCUMENTS   Needed from the Homeowner

•·       Personal handwritten Hardship Letter - See Attached Example

•·       Authorization To Release Form (Included in our short sale packet)

•·       Paystubs or proof of income for the las t 60 days

•·       Last 2 months bank statements

•·       Last two years of W2's

•·       Last two years Tax Returns

•·       Detailed list of monthly expenses vs income -

•·       Original Survey (if available)

•·       Signed listing agreement ( Need Realtor Listing)

•·       Copy of most recent appraisal ( if available)

•·       Recent Mortgage Statements  (Both Copies -Two Loans)

•·       Hud Statement From Last Transaction (If Available)

The reason for this information is to prove to the bank that you are a candidate for a discounted payoff of your mortgage. To show that you are not hiding money anywhere instead of making your mortgage payment. And to prove that they only way for you to be able to pay off your debt with the bank is if they are willing to accept a discount.