1st SS And All These Forms!! Help Please.
I (we husband and I) are trying out our first short sale. We are cutting it close as the owner just called on Sat the 27th and the sale is set for Friday the 2nd.
We are working with Countrywide and the forms they faxed us are as follows.
1.Original Authorization and Acknowledgement
2. HUD form 92068F Mortgage Assignment Program/Request for Financial Information (Which I cannot find another on any website. And HUD states it is an inactive form) Do I have to submit?
3. Negotiation Agreement
4. CMA
5. Hardship Letter.
6. 2 Years of Federal Tax Returns
7. 2 Month Statements of Checking and Savings.
8. 2 months pay stubs.
9. Purchase Contract
10. Listing Agreement
11. HUD 1
12. HUD Form s 90036 Application to Participate, 90038 Homeowner Counseling Certificate
Do ALL these forms need to be filled out and sent back? Has anybody worked with Countrywide and sent in less and still got the short sale?
Thank you
Standard stuff....
I always allow from 30 to 60 days (or more) from the date that I submit a completed short sale application w/supportive Proposal for a decision from a mortgagee asked to consider a short sale.
You'll have to devise other means to get the foreclosure sale postponed.
SSP,
How long does it take you to complete a package like this?
Thank you for your reply.
If I deem a situation as having short sale potential, over the course of a couple of weeks, I'd say that I spend between 8 and 12 hours on each short sale application, and accompanying Proposal. (If it doesn't seem a likely candidate... I'll pass and/or consider another acquisition technique).
I devote the bulk of my time on ascertaining a defendable opinion of value, and working hard to have the foreclosing mortgagee agree that the property isn't worth what they think it's worth.
I usually ask the homeowners to assemble (and copy) many of the documents I'll need to complete my review.... and have them ready on our first meeting. But, that usually doesn't happen. They usually don't have all that's needed, and it takes a bit of time to gather the necessary information.
Sometimes, I'll even help complete and file their (overdue) income tax returns (state and federal) to help complete the application.
The more complete the application, the more quickly you'll get an answer. At least this holds true with first mortgage loan servicers. Seconds can be more flexible in their criteria.
REPrincess
you had all those forms 'faxed' to you? were they all 'legible'? i wonder why they didn't just send them as email attachments or via regular mail...
100%
Yes, They faxed them and no they were horrible and still are.
I only have 2 days to get this package done and sent in. What they gave me it is not possible, so I am going to the courthouse on Friday and see what happens.
Thank You SSP!
P.S. Do you do mentoring???
Maybe you can buddy up with the Trustee (whoever is representing the house) at the sale, and if the house doesn't sell, hand them an offer right there.