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Elkhart REALTOR Evelyn Johnston Shares, Short Sale Homes-Everything You Need To Know-Part 2
If you missed my post from yesterday "Elkhart County, Indiana, Short Sale Homes-Everything You Need To Know-Part 1" you can go back and read it here.  Today we are going to talk about the Hardship Package.
Once an offer is received on your property, your Short Sale Hardship Package must accompany the offer to your Mortgage Lender.  You will delay the processing and possible loose the offer if you aren't fully prepared with all the necessary documents.
First you must have a conversation with your Mortgage Lender, some of them require a 10 minute credit overview process where you tell them your financial information and they determine that you do indeed qualify for a Short Sale.  Now for the documents:
You need to give your Real Estate Agent a Letter of Authorization which allows the Mortgage Lender to speak with them about your loan.  The Real Estate Agent cannot change the amount you owe or the interest rate or the number of years on your loan, it just enables the Lender to speak with the Agent. It must clearly state your name, co-signer name, if applicable, address, social security number(s), loan numbers and that you authorize your agent to speak on your ... more

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