Pre Foreclosure Offer-What To Submit To The Bank?
Hi All,
Looking to submit an offer ASAP to Countrywide on a property they will be foreclosing on soon. The current owner will sign any offer i make to get out of the property.
I would like to know what paperwork you send to the lender when making on offer on a property such as this.
Bank statements, credit report, pics of the torn up condition of the property? What if anything would make Countrywide more likely to work with me?
Thanks in advance, Brian
Lenders are different, you need to simply ask the lender what they require. Here are the most common items they will need to process a short sale.
[ ] HUD 1
[ ] Hardship Letter
[ ] Financial Statement
[ ] 30 days of Pay Stubs
[ ] W-2’s
[ ] 2 Years Tax Returns
[ ] 2 months Bank Statements
Some lenders may require other items but when you speak to the loss mitigator ask they will tell you actually what they will require.
Teddy
[ Edited by TjDye on Date 07/17/2007 ]
look at all the posts on short-sales for hints.
thanks for the input, all of you.
to answer the following:
1) do you know what is owed against the property??
$146,000 first
$12,500 back pmnt and penalties
$18,200 on the second (negotiated down from $32k)
2) do you know what the value of the property is??
$210,000 now, $230,000 arv
3) has CW done a BPO on the property yet?? If not, that can take 30 + days.
No, they have not yet they are encouraging us to
submit an offer
thanks again, brian
Make the offer but be sure to ask that any prepayment penalties be waived and state that under the law , a distressed homeowner cannot be assesed a penalty. It is a federal law and worth a shot! I have done it for years and most bite. At 167k I would do the deal.