Brand Newbie 2
Hi Guys,
Ok, being new to this area, I do need to clarify a couple of steps in the process...
1) After the homeowner has accepted
my offer, I need what (aside from a
contract) to take to the lender and
present my case?
2) Do I go in early in the process (LP)
or wait until the Final Judgement is
signed and a 'sale date' is set?
Thanks,
MDH
The earlier your involvement, the better. To negotiate a mortgagee approved, preforeclosure short sale can take from 45 days, to 90 days, or more, from the completed application depending upon the mortgagee and it's criteria.
The Seller should make written request that a short sale application be mailed or faxed immediately. The application itself will indicate what documents will be necessary. Some mortgagees require more than others...
Generally, have the Homeowner begin to gather financial information (as if he/she will be reapplying for a loan) including tax returns, paystubs, bank statements, utilitry bills, etc. They will, in fact, be trying to prove that they can no longer afford the loan.
Begin to document the Seller's hardship, (physician's diagnosis, loss of employment income, death of spouse/child, etc.) and assist in preparing a Letter of Hardship.
Assembling data in support of your opinion of value will be helpful... in fact. most of my Proposals are long on property data denigrating the mortgagee's perceived value of the property.
Begin to formulate your Proposal, striving to make it factual, comprehensive, and compelling.
Read the essay, Prequalify a Short Sale Candidate on this Site, and any other pieces on the Short Sale Process.
[addsig]
SSP...
Clearly, you've been at this for awhile.
I appreciate your input and experience.
Thanks,
MDH