The Short Sale and your Bank Statements

If your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it's probably a good idea to explain each of those line items to the lender.
Let say you have a 401K and you borrow money to help pay for your mortgage, That is a debt not income.
If you received a settlement for an accident, it may be consider income, so be prepared to show your medial expense for that accident.
In addition, the lender might want you to account for each and every deposit so it can determine whether deposits will continue.
If you have borrowed money from a family or friend to pay for your hardship, ask that person to write a letter documenting the loan amounts they gave you.

You may also be asked for pay stubs, W-2, 1099 and income statement.

Foreclosure occurs when borrowers have not made two or more payments and lenders respond by filing a legal notice and commencing a legal proceeding to take possession of the home.

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