Note Holders Will not tell You All There is to Know About Short Sales
If you are in the middle of foreclosure proceedings and you do not want that on your credit report, then an option to consider would be a short sale of the property. However, your note holder or lender will not tell you some things about a short sale procedure. What you need to do is to be really proactive so that the sale can go through in the shortest amount of time possible. If you have a foreclosure proceedings looming over you, then you know that there is very little time to get everything done.
You note holder is not required to tell you that you do not actually have to ask for permission to begin a short sale. All you have to do is contact the short sale department and request the packet that will begin the process. You can save yourself some time by requesting for the information to be faxed to you rather than having it sent by regular mail. The quicker you get the packet and get it filled out, the quicker you can get things started.
You will probably be asked to provide financial information including tax returns, paycheck stubs, a sales agreement and an estimated net sheet /HUD-1, along with a hardship letter stating how you got into a financial condition that would not allow you to keep up with your mortgage payments. Even if the bank does not ask for some of the information that was just listed, provide it anyway so that you do not get asked for it somewhere down the line and waste more valuable time.
Once you have handed in the short sale packet, you will need to determine who the loss mitigation specialist handling your case is, his/her extension number and email address, fax number and a physical address in case you need to send in more documents or any other requested information. If you get all of your contact’s information, you have greatly increased your chances of contacting the person handling your case. That’s what being proactive is all about and it really lets the bank know that you are interested in going through with the sale. A short sale is not just about filling out the packet and letting time go by until the sale happens. You will need to really follow up on everything because time is not on your side.
Even if you turn in everything to the bank, follow up on things and let the bank know that you are really interested in following through on the short sale, the note holder has the last word on whether it happens. Your bank is only willing to lose a certain amount of money on your short sale. There are procedures and formulas that the bank will follow in order to try to mitigate as much of the loss as possible. If the numbers fall below the bottom line that the bank has set, then do not expect the deal to get done. The bank is looking to avoid the expenses and losses involved in a foreclosure through a short sale, true enough, but it is also only willing to lose so much.
If you are looking for great real estate, then go to Short Sale Houses in Apache Junction, Foreclosed Homes for Sale in Apache Junction and Apache Junction Active Adult Communities. Article Source:http://www.articlesbase.com/real-estate-articles/note-holders-will-not-tell-you-all-there-is-to-know-about-short-sales-1484262.html
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