There is no guarantee a short sale could get approved, but following these steps will increase its chances.
A Short sale has to meet certain guidelines imposed by the homeowner’s lenders before it could get approved. A good story will help a lot. Keep in mind that there are exceptions to rules. Gainesville short sale agents have had short sales approved despite not meeting the guidelines.
Make sure that you pass the hardship test or, otherwise, you may have to directly participate financially in the short sale. This is not always the case. But it would be good to prepare them for the worst case scenario and then negotiate for the best outcome.
If you persevere and focus your time and energy to the process, your Gainesville short sale agent can get even the most challenging and troublesome short sales approved. But of course, much of the outcome rests in who owns the note, as each lender has their own regulating policies. Even so, the Gainesville short sale agents have been able to get exceptions to those rules.
It is a long-term and common belief among sellers and agents that whoever the sellers are paying their mortgage payments to owns the note. That is not typically the case. What they don’t know is that these notes are being sold over and over again and they usually do not change the servicers. They need not notify you when your note gets sold. However, you must be notified when your servicer is changed.
The servicer may or may not own the note. Before pricing a house or taking a listing, it is important to find out who the note owner is. Getting this information will help determine how negotiations would be handled and what the note owner would expect in a short sale.
The servicer definitely doesn’t want you to go above their heads to the note owner. The note owners hire servicers to take charge of daily operations of payments and other servicing details. If you are an agent, you may or may not get this information when you call the servicer.
Servicers usually disclose the note owner only to the homeowner. The best thing you could do as a seller is obtain this information through the calling the servicer. Alternatively, you may send a written request to the servicer through a Qualified Written Request (QWR).
At present, Fannie Mae or Freddie Mac owns the majority of notes. They are buying up all the toxic mortgage backed securities. There is a high chance that you have a note owned by Fannie or Freddie.
Other Articles to Read:
Bank of America’s Cooperative Short Sale Program
Banks Are Calling Homeowners To Solicit Short Sales
Options To Prevent Gainesville Foreclosure when Unemployed
Do I Have to Pay for the Real Estate Agents Commission?
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