Short Sale Questions

“Mortgage lenders across America are eager to avoid foreclosures, and short sales can be an attractive option for clients and real estate professionals alike,” writes Bill Ervin, the national sales director of real estate relationships for CitiMortgage Inc., in an article at RISMedia. “Ask the right questions and you’ll be well on your way to a successful short sale.”
Here are some questions Ervin points out are important for real estate professionals to consider when evaluating a potential short sale for a client.

1. Who owns the lien according to the servicer?
2. What documents are required? For example, the transaction always requires a Letter of Authorization (which is from the client authorizing the real estate professional to speak on their account); listing agreement; purchase contract; estimated/final HUD Settlement Statement; and 2nd Lien Approval Letter.
3. Do all of the parties agree on the property’s value?
4. Has the seller signed a short sale agreement?
5. What are the major challenges the client may face in this transaction? (For example, are there subordinate lien holders or will the client be able to secure financing in time?)

Home Mortgage Help

Many people are afraid, embarrassed or lost (not knowing where to go) and usually reach out to the Realtor that sold them the property or the Loan Officer that qualified them and gave them the Loan; some of them have disappeared if so you can call your Lender and ask to be transferred to the "Loss Mitigation Department" who are 100% more polite than the Collections Department; they should be able to help you and give you some kind of orientation.

If your Realtor or loan Officer still around, call your Lender and then if Loss Mitigation cannot help you modifying your Mortgage they will ask you to place your Property on the Market and Short Sale it. Make sure you get a Realtor that has done Short Sales successfully, you can ask him/her to show you proof of the cases they have helped.