Short sales can be stressful and a time-consuming process. But in many cases they will be necessary in order to get you out from under your mortgage debt, especially with property values declining as they have been for many years. By doing a short sale, you will be able to take a large bite out of the money you owe to your mortgage company, so that you are no longer liable for the entire amount.

In order to start the short sale process, there are several documents that are needed from you (see below). First off is a third party authorization. This form is so that a third party can speak to the bank on your behalf. This will be included with the rest of the short sale package, or it can be sent over ahead of time. In cases where your lender requires your property to be listed in order for them to accept a short sale, then we can refer you to many of our top-producing, local agents that we have worked many successful short sales.

Typical Short Sale Requirements (to be collected from the homeowner)

  • Hardship letter – which states what happened to cause you to fall behind, when it happened, and what you’re doing to fix the situation
  • Financial worksheet – a breakdown of all your income and expenses
  • Your last two months of pay stubs or a recent profit and loss statement if self-employed. If you can’t provide either of those then you’ll need a signed and dated explanation of why.
  • Your last two months of bank statements (some types of loans require 3 months)
  • Your last two years of tax returns (the first two pages only)
  • Purchase and Sales Agreement and a listing agreement

In most cases your lender may require additional documentation, or they may require updated documentation, so always keep important paperwork handy and be ready for those requests! If you’re unable to provide requested paperwork in a timely fashion the lender may close your file and you’ll need to start all over!

Once those documents are collected, the short sale package will then be submitted to the lender(s) and the process will begin. And once the process has been initiated on your property, you’ll be kept up to date with our automated email system.


The following disclosure is made pursuant to the Federal Trade Commission's MARS Rule (16 C.F.R. § 322 et seq.) and also pursuant to 12 C.F.R. Part 1015 of the Maryland Regulation O. You, the homeowner may have other rights under the Maryland Protection of Homeowners in Foreclosure Act.

You may stop doing business with us at any time. You may accept or reject the offer of Mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you do not have to pay us anything. If you accept the offer, you will have to pay us nothing out of pocket, but we reserve the right to collect fees at settlement from your lender and other parties, which will vary with each situation.

MYclosing, LLC is a for profit business. MYclosing, LLC and their agents are not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

If you stop paying your mortgage, you could lose your home and damage your credit rating.