As we all know and regardless which Lender/Banks, Loss Mitigation Departments are so overwhelmed with hundreds of short-sale request packages they receive on a daily basis. As I constantly speak with many negotiators in Loss Mitigation Departments for every short-sale listings I have. I have been jotting down a few notes to gather a generalized idea of what lenders typically look for and prefer when going through short-sale packages.
The following are some information that many negotiators preference in revieweing short-sale packages which I have practiced myself and evidenced in a smooth process in getting a quick ashort-sale approval.
* As a cover page, create a table of contents (ex: This Cover Page pg 1-1, Financial Statement p.2-3, etc.)
* Number each page per table of contents
* Put the Name of the Seller(s) and Account Number on every page
* It is best to send everything that they ask for at one time vs sending bits and pieces of papers at a time which can become quite messy and delay the process.
* The following is what they generally look for:
- Hardship Letter (detailed explanation of the reason the mortgage is deliquent such as illness, loss of wages/unemployement, etc)
- Financial Statement (Usually provided by lenders, if not, a list of monthly income vs monthly expenses)
- 2-3 months of most recent bank statements
- 2-3 most recent pay stubs
- Listing Agreement
- Purchase Agremeent
- Estimated HUD/Net Sheet from a Title Company
- 3rd Party Authorization Letter
Feel free to email me Homes@BaileyMeadows.com or call me (510)376-4060 for any questions and/or concerns about this.
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