Public Trust and Short Sale Sale of Income Property


#1

Tenant had originally planned to purchase the property, but their marriage crumbled and resulted in a divorce. I stopped making payments because I was not in a financial position to continue payments and had promptly notified the mortgage companies. They agreed to the Short Sale and I am in the process of closing on the property this month.
Other than missing 4-5 months of mortgage payments, my credit was excellent. Student loans and my Home Mortgages are all current and I have $10k in cc debt.
I’m in the process of being hired for a job requiring a Public Trust Clearance. Do I need to be concerned? Should I have any documentation or written explanation prepared?


#2

You should have a written, documented explanation of what went on, when and why. While you acted responsibly at the end, this also shows poor planning on your part and how you got into the situation is just as important as how you got out.

You may not need any of it but I advise putting it together now, while you’re not rushed.