It is a common myth that to list your home as a Coatesville short sale it has to be your primary residence, but this isn’t always the case. In fact, many HAFA short sales allow investment properties to be listed as short sale as long as the house hasn’t been purchased in the last 12 months.
Your ability to qualify as Coatesville short sale depend more on the type of loan that have, the lender or lenders that hold part of the mortgage, the laws in your state, the type of property in question, and the manner of your hardship.
There are some banks that are more likely to grant you a short sale, even without significant hardship. Depending on the type of investment property you have you may even be able to apply for some incentives with your Coatesville short sale property, but some banks will withhold these incentives from an investment property.
If you plan to apply to have your home listed as a Coatesville short sale, you will need to bring some specific information with you. If you have more than one investment property that you want listed as a Coatesville short sale, you may consider listing all of the investments at one time.
When you go to your appointment, you should be prepared to bring proof of income including payroll stubs that you have so the lender will have proof of your income. You should also bring bank statements from every bank that you work with, including retirement funds and information on every investment you own. A listing agreement that is formed with your Coatesville short sale agent will also be an important document to bring. Finally, you need a letter of hardship that describes exactly why you need to have your home listed as a Coatesville short sale.
With all of the proper paperwork and proof of hardship you may be able to get out from under an investment property. You should just be aware that it will limit your ability to buy further properties for an allotted amount of time.