How short sales work with Truist Bank in Florida
Truist was formed by the 2019 merger of BB&T and SunTrust. Major regional bank with significant Southeast U.S. mortgage portfolio.
This page covers what to expect — Truist Bank's process, document requirements, typical timeline, and Florida-specific considerations.
Quick facts: Truist Bank short sales in Florida
| Factor | Detail |
|---|---|
| Headquarters | Charlotte, North Carolina |
| Process platform | In-house platforms |
| Typical timeline | 90-180 days from complete submission to closing |
| Investor mix | Fannie Mae, Freddie Mac, FHA, VA, Truist portfolio, private investors |
| Deficiency in primary residence short sales | Typically waived for primary residence GSE-backed loans |
| Relocation assistance | Available per investor program |
Not sure if Truist Bank services your loan? Find your servicer →
On this page
- Who Truist Bank is today
- How Truist Bank handles short sales
- What Truist Bank will ask you for
- Typical timeline
- Relocation assistance and incentives
- Deficiency practices in Florida
- Investors Truist Bank services for
- Known quirks and process notes
- Florida-specific notes
- Frequently asked questions
Who Truist Bank is today
Truist has substantial Florida market presence given the SunTrust legacy footprint in the Southeast. Their loss mitigation operates through their consumer banking operation.
How Truist Bank handles short sales
Truist Bank's short sale process follows the general structure of major mortgage servicers, with some specifics worth knowing.
Initial outreach and application. When you (or your broker) initiate a short sale request, Truist Bank's loss mitigation team opens a case and provides their package requirements.
Document submission. The complete short sale package is submitted through their preferred platform (In-house platforms).
Valuation. Truist Bank orders a Broker Price Opinion (BPO) or appraisal to determine current market value. This is one of the most consequential steps because approval typically depends on the BPO coming in close to the offered price.
Decisioning. The loss mitigation team reviews the file, evaluates against investor guidelines, and reaches a decision. Initial decisioning typically takes 30-60 days from complete submission.
Approval or counter. If approved, an approval letter is issued specifying terms. If countered, the lender provides revised terms (typically a higher minimum acceptable price). Counters are negotiable.
Closing coordination. Once approved, closing is coordinated through standard real estate transaction channels.
File closure. After closing, the file is processed and closed. The approval letter language governs deficiency and post-closing matters.
What Truist Bank will ask you for
Standard short sale package documents for Truist Bank:
- Signed third-party authorization (Truist Bank's preferred form)
- Two years of federal tax returns (signed)
- Two months of bank statements for every account
- Recent pay stubs (or P&L if self-employed)
- Hardship letter
- Current mortgage statement
- Property tax statement
- HOA statement if applicable
- Monthly budget worksheet
- Statement of assets and liabilities
- Listing agreement
- Buyer's contract and proof of funds/pre-approval
- MLS listing history
- Any additional Truist Bank-specific or investor-specific forms
For specific hardship types (job loss, medical, divorce, death of co-borrower), additional documentation typically required.
Typical timeline with Truist Bank
| Stage | Typical timing |
|---|---|
| TPA execution to package acknowledgment | 5-10 business days |
| Package submission to first information request | 10-20 days |
| BPO order to BPO completion | 10-20 days |
| BPO completion to initial decisioning | 14-30 days |
| Initial decisioning to approval letter | 7-14 days |
| Approval letter to closing | 30-60 days |
Total typical: 90-180 days from complete submission to closing. Files with complications take longer. Active broker follow-up reduces delays.
Relocation assistance and incentives
Available per investor program for short sales meeting program requirements. Specific amounts depend on:
- Investor program (Fannie, Freddie, FHA, VA, USDA, or private)
- Property type (primary residence vs. investment)
- Completion of short sale requirements
- Specific terms negotiated in approval
The specific amount available for your file is communicated in or alongside the approval letter.
Deficiency practices in Florida
For Truist Bank-serviced loans on Florida primary residences:
Typically waived for primary residence GSE-backed loans
Always confirm the approval letter contains explicit waiver language before closing. Approval letter language varies; specific waiver wording is what protects you. Learn more about Florida deficiency judgments →
Investors Truist Bank services for
Truist Bank's servicing portfolio covers loans for: Fannie Mae, Freddie Mac, FHA, VA, Truist portfolio, private investors
The investor behind your specific loan determines the short sale program rules. See the Recourse investor pages for each investor's specific program details:
- FHA Pre-Foreclosure Sale in Florida
- Fannie Mae short sales in Florida
- Freddie Mac short sales in Florida
- VA Compromise Sale in Florida
- USDA Rural Housing short sales in Florida
Known quirks and process notes
A few specifics worth knowing about Truist Bank's short sale process:
Document classification matters. Like most major servicers, document labeling on submission affects how quickly the package is processed.
TPA execution is critical. Truist Bank will not communicate with brokers without an executed TPA on file. Get this completed early.
BPO challenges are routine. If the BPO comes in significantly higher than the offered price, expect to challenge it with comparable sales data.
Loss mitigation reviews modification first. Per federal investor guidelines, Truist Bank reviews modification eligibility as part of short sale review. Modification offers during short sale review happen with some frequency. Learn what to do if this happens →
Florida-specific notes
For Florida homeowners specifically working with Truist Bank:
Judicial foreclosure timeline. Florida's judicial foreclosure typically provides 6-15 months of runway from lis pendens to certificate of title. Truist Bank's short sale processing timeline fits within this window for most homeowners who start short sale work early. Learn more about the Florida foreclosure process →
Florida insurance crisis. Many Florida short sale requests now have insurance and tax escrow escalation as significant contributing factors. Hardship documentation should reflect this clearly when applicable.
Frequently asked questions
Does Truist Bank pursue deficiency in Florida?
Typically waived for primary residence GSE-backed loans. Always confirm the approval letter contains explicit waiver language before closing.
How long does a Truist Bank short sale take?
Typically 90-180 days from complete package submission to closing. Files with BPO challenges, valuation gaps, junior liens, or complex investor approvals take longer.
Can I do a short sale with Truist Bank before my foreclosure is filed?
Yes. Starting short sale work before foreclosure is filed gives the most operational runway. Most short sales are easier when started earlier.
What if Truist Bank transfers my loan to another servicer?
Servicer transfers happen with some frequency. Your existing short sale work doesn't necessarily start over — but the new servicer may want to re-validate the package, and transitions can add 14-30 days to the timeline. Active broker follow-up helps manage transfers.
Does Truist Bank offer modifications during short sale review?
Like most major servicers, Truist Bank reviews modification eligibility as part of short sale review per federal investor guidelines. If your situation looks like modification, you may receive an offer instead of (or in addition to) short sale approval.
Will Truist Bank let me stay in the home during short sale?
Generally yes, until closing. Most short sales close with same-day move-out or a brief move-out period after closing. Specific terms are negotiated.
How does Marie work with Truist Bank files?
[Marie's specific experience with Truist Bank should be quantified here — approximate file volume, typical Florida operational patterns observed, and any specifics that demonstrate working knowledge.]
Ready to see your situation with Truist Bank?
Enter your property address → — we'll identify your servicer, show you where you are in any foreclosure timeline, and give you a realistic view of your options.
Related resources
- What is a Florida short sale?
- The Florida foreclosure process
- The Equator platform
- What if your lender offers a modification instead?
- Florida deficiency judgments
- Find your servicer
- Other servicer pages
Recourse is a short sale service of Blue Mar Real Estate Group, Inc., a Florida-licensed real estate brokerage. We are not affiliated with Truist Bank. This page is informational. It is not legal advice. Truist Bank's processes can change. Outcomes depend on your specific situation, your investor, and current loss mitigation rules. We cannot guarantee any particular outcome.
Blue Mar Real Estate Group, Inc. | Licensed Florida Real Estate Broker | License #CQ1018554. Equal Housing Opportunity.
Equal Housing Opportunity. We are not attorneys and do not provide legal advice. Modifications are decided by your servicer based on investor guidelines and your specific financial situation. We cannot guarantee any particular outcome.
Blue Mar Real Estate Group, Inc. | Licensed Florida Real Estate Brokerage License | License #CQ1018554.