The icing for the underwriters on financing the purchase of a short sale is lender approval lender....just full of all kinds of very private information regarding the Sellers' loan. You hear it from the selling agent, the loan officer, the processor...the assistant....WE HAVE TO HAVE THE APPROVAL LETTER FROM THE SELLERS LENDER and the mantra is repeated ad nauseum. In a perfect and trusting legal world...the easy answer would be...no....you Mr. Lender, Ms Agent, Lady Processor, Sir Underwriter....are getting clear title per the Sellers' title policy and that guarantees that the short sale has of course been approved. That used to be the case....in the olden days of a couple years ago....it was as though a lightbulb went on.....and that seemed to satisfy the questioning agent/lender/etc.
Those days are gone....and the piles of paper collection have gotten higher and the demands greater ....and the all important piece of paper considered to be a regular part of the short sale transaction...with listing agents well aware that it will be requested.
We are fiercely protective of our Sellers...their privacy, their emotional state....their financial information...the reason for their hardship. At at difficult time, they don't need people making it more difficult discussing things that should be kept under the wraps of privacy and confidentiality.We are here to provide as much information and as many resources as they need...from the box to pack belongings to credit restoration suggestions .....positive pieces to begin what will be a new life are important.....now ....back to that piece of the short sale package...that approval letter....and who REALLY needs it.
The Underwriter is the person who ultimately lays claim to the request for this information...not the loan officer, the selling agent....the buyer....none of those people need to see it....it need not be passed around carelessly through emails and faxes....it needs to go to one person and one person only.
We tell our short sale Sellers....to the very best of our ability....we have their backs. As proof of that....we require the underwriter to sign an affidavit that has been co-written by our legal counsel and says in short, that the information that is being given to the underwriter is confidential and it is to be kept confidential. Short Sale Selllers tell your agents you want your approval letter sent ONLY to the underwriter and not passed thru channels of people.
If you or someone you know has a hardship that prevents them from paying their mortgage...Call the Hansons...no matter where you are in the country....we will find someone who understands your situation and is well qualified to be of assistance during this difficult time.
Comments(0)