SunTrust Short Sale is a way to help borrowers pay off their debt on the first mortgage in lieu of the home they are living in. This is a less painful experience than a foreclosure as the latter can severely damage your credit report. A short sale, however, may not help you protect your home, but it can surely help you get a better credit report that can make you eligible for another mortgage loan in near future. Moreover, the process can only be initiated if your house is worth less than the amount you owe on the property. You can contact SunTrust Mortgage Short Sale Department to obtain a complete package along with financial forms and a guide to get started with this option.

SunTrust Short Sale Package

SunTrust Short Sale Package should contain financial forms and documents furnished by a real estate agent and you. The following are the required docs to be included in the packet you would send to the department.

• Arm’s length Transaction Document
• HUD-1
• Fully Executed Listing Agreement and Purchase Contract
• Financial Worksheet
• Hardship Letter
• Third Party Authorization Letter
• Last Two Years Tax Returns
• Last Two Months Bank Statements
• Profit and Loss Statement for the current year in case of self-employed
• Last Two Months Pay Stub

SunTrust Short Sale Process

SunTrust Short Sale Process starts with your sending the completed application package. Here is a brief timeline of the approval process.

• Short Sale Application is received
• Property evaluation that may include appraisal or BPO is completed
• A loss mitigation negotiator is assigned to review your short sale application
• After completion of the review, the negotiator has a discussion with your real estate agent
• The topics of the discussion include agent’s commission, fees and costs, pricing of the property, shot sale timeline and borrower contribution
• Sometimes it is also necessary to seek the approval of mortgage insurer and/or investor

After success in each of the steps mentioned above, the negotiator drafts an approval letter and send the same to the borrower or the designated third party. A final settlement date is worked out and your property is sold to a buyer not in close relationship with you. The property must be sold within 45 days after approval.

SunTrust Short Sale Department

SunTrust Short Sale Department should be approached in case your request does not meet success. The entire process may need to be repeated with a new set of forms and other required docs comprising the short sale package. For enquiries and more information, you can call the loss mitigation phone number, which is 1-800-443-1032, Option 3. The completed short sale packet, however, can be sent via fax to the following number:

Fax Number: 804-675-7399, Attn: Setup.