Kosciusko County Homes - Short Sale Information II

This is the second article of my series on the short sale process for buyers and sellers of short sales and the process they will encounter. If you missed the first article you can read it here:  Kosciusko County Short Sale

  In my first article we discussed what is and is not  considered generally accepted  hardships. Assuming you meet the hardship criteria and  want to proceed, what next?

                                 Verify Owner of Mortgage Note

  Verify who the lender is that holds your mortgage note. The lender that you started with may not still own your note. It can be common place for a lender to sell their notes to other investors. Even if you still make payments to them, they may only service your loan and not own it.

                           Short Sale Package & Hardship Letter

 You now need to put together your short sale package and your hardship letter.
 Your hardship letter needs to be handwritten by you the mortgagee. This letter needs to detail in your own words exactly what your personal  situation is and why you are requesting this short sale.
You will also need to compile a number of documents and verifications into your short sale package.( we can help you with the list of what you will need). A brief summary is:

• Copy of your listing agreement with your agent.
• Authorization letter giving your agent permission to speak to the lender about your account.
• Completed financial statement : Most lender will have their own with the information they will require.
• 2 full years tax returns
• At least 2 recent pay stubs 
•  A Fully completed offer to sale & purchase agreement 
• A prequalification letter from the buyer
• A HUD 1 settlement statement

                        Sales Package
 Also as your agent we will put together a sales package which will include :

• Comparable Market analysis 
• Evidence of current market conditions in your area
• Evidence showing the offer to purchase is reasonable
• Any other documentation to substantiate the offered price

 At this point we will be ready to submit to the lender. In my next post I will discuss the process that will take place now that we have the paperwork and a buyer. If we can be of any help, please contact us.
                 Sharon & Greg Miller Realtors - Century21 Integrity Real Estate Group
                       1406 S. Huntington St. Syracuse, IN 46567  (574) 457-5018
                                SharonandGregMiller@Century21.com