The Loan Number!
What is the big deal about the loan number? It is very important. First and foremost you want to see the most recent mortgage statement to obtain the loan number. The reason for this is with all of the new bank takeovers (ie. Countrywide-B of A, WAMU-Chase, Wachovia-Wells Fargo, etc) some loan numbers are changing. Some are adding digits to the loan number and others are changing all together.
Next, EVERYTHING the lender does is referenced by the loan number. That being the case, everything you send the lender should have the loan number on it. Yes everything, the sellers pay stubs, tax returns, the offer, counter, BPO etc. Remember if there are two loans on the property there are two different loan numbers so don't get them mixed up. (See Secret #10 for a time saving trick on changing loan numbers on documents)
How do I know this? I have closed over 120 short sales and you learn as you go. So remember the loan number! Until the next secret.
Sherman Smith
Sherman Smith & Associates
(714) 544-5445
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