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In order for your lender to determine your options, all borrowers listed on the loan must provide certain financial documents to their lender.

All borrowers must provide:

  • Federal tax return from the previous two years (all pages, signed and dated)
  • Homeowners Insurance Declaration Page
  • Real Estate Property Tax Certification Statement (if not escrowed into your mortgage payment)

In addition, all borrowers must also provide the documents under each category that applies:

If you are a salaried or hourly employee

  • Two most recent and consecutive pay stubs showing 30 days of income and year-to-date earnings (less than 60 days old)

If you are self-employed:

  • Most recent quarterly or year-to-date profit/loss statement–signed and dated.

If yu currently live in your home:

  • Most recent utility bill (gas, electric, water) showing your name and property address

If you receive income from a rental property

  • Commplete list of real estate that you own, including the monthly payment for all mortgages, taxes and insurance (if not impounded/escrowed) and any homeowner association dues.
  • Current rental agreement(s), and two most recent monthly bank statements (all pages) or other proof showing receipt of rental income.  Or
  • Federal tax return from the previous two years with all required schedules including Schedule E (Supplemental Income and Loss) if a Secedule E is not available because the property was not previously rented, provide written explanation of such

If you belong to a Homeowners Association:

  • Most recent bill or letter from Homeowners/Condominium Association reflecting dues.

If you receive alimony, child support or separation maintenance as qualifiying income:

You are not required to disclose child support, alimony or separation maintenance income, unless you choose to have it considered.

  • Divorce decree, sepaaration agreement, other written agreement filed with the court, or decree that states the smount and period of time payment will be received.
  • Two most recent monthly bank statements (all pages) or other proof showing receipt of income
  • If unemployed,proof of unemployment wages for a minimum of 6 months

If you have other income from any other source(s):

This could include bonuses, tips or investsment income.

  • Documentation describing the nature of the income, such as an employment  contract or documents tracking tip income.
  • Two most recent bank statements (all pages) or other proof showing receipt of income.

When starting the short sale process, select a big box or folder and keep all of your documentation in this one place throughout the short sale.  As time passes you will be required to update documentation.

This process is not easy, and is often frustrating, put do not give up.  Short sales happen everyday.  The short sale process requires patience and diligence.  Good luck.

Information courtesy of Bank of America.



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