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SunTrust Mortgage Short Sale

SunTrust Mortgage Short Sale can be considered when it is hard to get assistance through various home retention options like Repayment Plan and Loan Modification. It is a last resort to pay off the mortgage and avoid foreclosure. Though a short sale package can help you save on credit rating you will certainly lose your possession of the house concerned. This option is ideal for those homeowners who find it difficult to maintain payments, with a debt that is more in value than the current market price of the home being considered for a short sale.

Significant loss in income due to job cutback or serious illness might bring you to the point where you think it better to sell your home and use the proceeds to pay off outstanding dues. For the balance loan amount you can have arrangements with the lender to pay it later or get it waived.

SunTrust Short Sale Package

To start the process of SunTrust Mortgage Short Sale, certain documentation is required from the real estate agent as well as from the homeowner (mortgagor). All these documents are collected and sent together for approval in a package, usually referred to as SunTrust Mortgage Short Sale Package. The package from the real estate agents include Arm's Length Transaction document, HUD 1 form and fully executed listing agreement and purchase contract.

The SunTrust Short Sale Package from the mortgagor includes financial worksheet, a hardship letter, a letter that authorize the real estate agent to access the mortgagor account, income tax returns for the previous two years, one month bank statements, third party authorization form, and current pay stubs. Self employed mortgagors should also provide profit and loss statement for the current year. The complete short sale package should be faxed to 804.675.7399, Attn: Setup.

SunTrust Mortgage Short Sale Application

After sending the completed SunTrust Mortgage Short Sale Application, which is nothing but the required documents, the usual approval process begins with the short sale team completing a property valuation (appraisal or BPO). The file is assigned to a negotiator for a review of documentation and other contents. In case of any discrepancy, the negotiator may contact the mortgagor or the designated third party.

If all application requirements are met according to the short sale guide of the bank, the negotiator will recommend approval to the investor and insurer, following which an approval letter is drafted and sent to the homeowner(s). The final settlement date is fixed after consultation with the real estate agent and the title company. After approval the house must be sold within 45 days.

SunTrust Short Sale Department

The SunTrust Short Sale Department should be contacted for financial forms and affidavit of Arms Length Transaction. The department can also be contacted for more information regarding short sale application. Moreover, you could get a complete SunTrust Mortgage Short Sale Guide, which is also provided online by the department. The contact details are as follows:

Phone Number: 800.443.1032
Fax Number: 804.675.7399, Attn: Setup
Email: stm.24hour.supportservices@suntrust.com

Website: www.suntrustmortgage.com

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