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Home Page > Law > Law Office of ALG & Associates Comments on Changes to HAFA Rules for Approval of Short Sales

Law Office of ALG & Associates Comments on Changes to HAFA Rules for Approval of Short Sales

Posted: Mar 01, 2011 |Comments: 0
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On February 1, 2011, new rules for the approval of short sales under the Home Affordable Foreclosure Alternatives program went into effect. The rule changes include:

· Monthly Gross Income. Although borrowers must provide updated financial information, servicers are no longer required to verify borrower’s financial information or to determine if the borrower’s total monthly mortgage payment exceeds 31% of the borrower’s monthly gross income. Borrower need only provide demonstrable evidence of hardship by signing a hardship affidavit or request for modification and affidavit.

· Vacant Property. To be eligible, the property must be or must have recently been the borrower’s principal residence. A property that is vacant or has been rented to a non-borrower is eligible if the property was owner occupied within 12 months of the date of the short sale agreement and the borrower has not purchased a replacement property. The borrower no longer has to show that his or her relocation was due to re-employment or transfer of employment. Similarly, servicers no longer need to verify the number of miles the borrower moved from the property.

· Release of Subordinate Liens. Subordinate liens will continue to be paid in order to priority. The 6% percent on payments to subordinate lienholders has been eliminated. Servicers now have the discretion to pay subordinate lien holders up to the $6,000 aggregate cap. Investors remain eligible for incentive reimbursements up to one-third of the cost of releasing the subordinate liens.

· Response to Request for Approval of Short Sale. Within 30 days of receipt of an executed sales contract and short sale packet, the servicer must communicate approval or disapproval of the sale or provide a counter offer.

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· Real Estate Brokerage Commissions. The real estate commission that may be paid shall be the amount indicated in the listing agreement between the borrower and the listing broker, provided that such commission shall not exceed six percent of the contract sales price. When the servicer has retained a contractor to assist the listing broker with the transaction, the servicer must include a statement in the short sale agreement that any associated vendor fees will not be charged to the borrower or deducted from the real estate commission.

· Alternative Deed-in-Lieu Programs. Deed in lieu agreements between servicers and borrowers that provide an option for the borrower to continue to occupy the property on a rental basis (deed-for-lease) or provide an opportunity for the borrower to repurchase the property at some future time are eligible for financial incentives under HAFA. At the discretion of the servicer in accordance with investor guidelines, the borrower relocation incentive may be paid either upon the successful closing of the deed in lieu transaction or at a future time when the borrower vacates or repurchases the property. Conditional deed in lieu agreements that allow a borrower to reinstate the original loan following some period of rental occupancy are not eligible for HAFA incentives unless and until the deed in lieu is final and the borrower no longer has the option of reinstating or modifying the original first mortgage lien.

· Borrower Notices. When a borrower who was not previously evaluated for modification requests a short sale or deed in lieu and the servicer determines that the borrower meets the HAMP eligibility requirements and will be solicited for HAFA, the servicer must notify the borrower verbally or in writing of the availability of HAMP and allow the borrower 14 calendar days from the date of the notification to contact the servicer by verbal or written communication and request consideration for HAMP. This Supplemental Directive clarifies that this notification may be given simultaneously with the servicer’s consideration of the borrower for HAFA.

These rule changes are intended to facilitate short sales and decrease the time for approval. However, in a recent survey by Equi-Trax, 53.6% of persons surveyed indicated that short sales transaction take, on average, 4 to 6 months.

Law Office of ALG & Associates commented that “these rule changes will greatly speed up the processing time for short sales.” However, Law Office of ALG & Associates cautioned that “it has never been more important to find an experienced short sale specialist” as the “these rules will only assist knowledgeable practitioners.” Law Office of ALG & Associates attributes delays in short sale approvals “not only due to lenders but also due to poorly worded and poorly documented short sale requests from inexperienced professionals.”

Looking for a short sale specialist in Los Angeles? Contact Law Office of ALG & Associates at 888-LAW-3111.

Sophia Smith -
About the Author:

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I was denied a Hamp mod due to NPV caculations. My lender will not explain these terms to me. They said they cannot help me. I need to short sale and get out. Can u please help me
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Article Tags:
law office, alg law office, home affordable foreclosure, financial information, real estate brokage

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Aug 07 2011

Real Estate Agents and Short Sales: What You Need to Make Sure You Ask Your Agent

Posted by Usual in Lender Approved Short Sales, tags: Agent, Agents, Estate, Need, Real, Sales, Short, Sure

Real Estate Agents and Short Sales: What You Need to Make Sure You Ask Your Agent

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Home Page > Finance > Real Estate > Real Estate Agents and Short Sales: What You Need to Make Sure You Ask Your Agent

Real Estate Agents and Short Sales: What You Need to Make Sure You Ask Your Agent

Posted: Sep 08, 2010 |Comments: 0
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It is no surprise that this real estate market we are in the midst of is a confusing one to say the least. People are losing their jobs or getting a decrease in income left and right, leaving home owners in a situation where they need to choose their electric bill over their mortgage payment.
It is leaving home owners that cannot afford to make their mortgage payments left to be at the mercy of their bank, asking for a loan modification and, if they are even paid attention to, in most cases the loan modifications may not be significant enough to really help them in crisis.
If selling the home is the answer, and whether or not the homeowner is in jeopardy of not making their payment, a seller that owns a significant amount on their home still and gets an appraisal they may be sadly surprised that their house has depreciated to a place that they now owe more than their house is worth.
This is now a situation that most may think would be an impossible situation to get out of. Well, thankfully for the homeowner there is a solution. The solution is called a short sale. In simplest of terms a short sale is when the lender (bank that holds the note on the home being sold) accepts a settlement to pay off the mortgage that is less than the amount owed. The easiest way to explain this is think of if you had a credit card bill that was $10,000. You could not keep up with the payments so you negotiated with the credit card company to take less than the amount you owed them and they “settled” for less, closed the card account and you now owe nothing other than the amount that was agreed upon, usually up front in one lump sum. That is basically a short sale. However, and this is very important to understand, all banks are different and all loans are different. There are some loans that even if you do a short sale the bank MAY have rights to come after the homeowner for the amount they lost AFTER the home is sold. This is not to scare anyone that is thinking of having their home put on the market as a short sale, it is to educate and make sure you get the facts UP FRONT. When a homeowner decides that they should put their house on the market and that they know the home will be sold as a short sale, there are certain things that will need to be done before the short sale is approved. When I say approved I do NOT mean a contract is approved, I am talking about the short sale “itself” being approved. The bank has to approve the house to be sold as a short sale first before they will even think of accepting a contract.
The following is a list of things you need to ask your real estate agent as well as get prepared for your agent so they can take this information to the bank for you:

Write a hardship letter. Write a letter describing why you are in the situation you are in, for example perhaps you lost a job, or there was a pay decrease, a medical reason, etc. Explain.
Get the latest tax return together, 2 months of bank statements (checking/savings) and last 30 days of pay stubs.
Ask your realtor if they have ever listed a short sale home before, if so ask them to show you the listing(s) and see how many days it took to sell from listing day to closing day. If the days on the market are low but the days under contract are high, chances are the agent did a good job marketing the home, but the bank took a long time to approve the contract. That is very common but you really need an aggressive realtor for a short sale to be persistent with the bank.
Ask your realtor to explain to you the steps involved in a short sale. If they can’t, get a new realtor, I am not kidding.
Interview at least three agents and ask each of them to show you what other homes they have sold that are short sales. (They can show you 20 homes they listed and sold but if none of them are short sales, it does not make them a short sale expert, thus may not be the agent for you).
If the agent you are interviewing does not advise you to talk to an accountant or financial advisor first before taking the listing to make sure a short sale is in your best interest (filing for bankruptcy can save your home if you do not want to sell) then get a real estate agent that is going to be upfront and honest with you, will give you all options and are not just there to get the listing but are truly there to help you get through what can be a truly scary situation if you are not properly educated.

Asking questions and seeking knowledge about all of your options is imperative to make sure you are doing exactly what is right for you. Everyone’s situation is different, and putting your home up for sale as a short sale may or may not be your answer. You will never know though unless you ask. Do not procrastinate either, doing nothing is worse.

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John Horne -
About the Author:

John Horne, is considered to be one of the top brokers in the U.S. with a more than 800 real estate brokers under his direct supervision. He is the author of “Just Shut Up and Buy the House”- which in its first month was nominated for a Pinnacle Achievement Award and is a professional guide for real estate professionals and mortgage lenders. He has just been accepted into the prestigious membership of the American Society for Training and Development professionals. He is the owner and CEO of Agent Edge Training Inc.

http://justshutupandbuythehouse.com

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Article Tags:
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Aug 05 2011

Considering Short Sale as One of your Foreclosure Solutions

Posted by Usual in Lender Approved Short Sales, tags: Considering, Foreclosure, Sale, Short, Solutions

Considering Short Sale as One of your Foreclosure Solutions

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Home Page > Finance > Real Estate > Considering Short Sale as One of your Foreclosure Solutions

Considering Short Sale as One of your Foreclosure Solutions

Posted: Dec 31, 2010 |Comments: 0
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Once you receive a notice, there is always this overwhelming desire to look for ways in order to avoid foreclosure permanently. While there are plenty of foreclosure solutions to choose from, you have to make sure that the one you will use is going to keep you away from repossession longer. Inability to pay off even 2 consecutive monthly mortgage payments will immediately cause foreclosure. Inability to cover your modified mortgage will even increase the risk of losing your home thus, it is imperative that you choose a program that will suit your financial situation best.

One of the many foreclosure solutions commonly used today is the short sale. A short sale is a process of selling your home in a hope of alleviating your mortgage debt. The home is sold to a new homebuyer before the foreclosure process ends, the proceeds of the sale will then go to the lender. This is so much easier for both the lender and the borrower since a formal foreclosure process is too costly and time-consuming. Although the proceeds of a short sale is usually smaller than the actual cost of the house, this will largely contribute in stopping foreclosure on its track. The borrower still has the obligation to pay off the remaining balance otherwise; his credit reports will be tainted just the same.

Why choose short sale as a method of stopping foreclosure? Because your mortgage lender will most likely approve of a short sale rather than going through the formal proceeding. Here’s why: in a foreclosure, the lender will have to take your property and then sell it in the market in order to gain profit from their investment again. But selling a Real estate in these tough economic times does not sound profitable; consider also the continuous decline of property cost of American homes. Your lender knows that the only way to keep making money from your home is to let you stay in it or allow someone to occupy the property even with a minimum gain. Besides, even after foreclosure, banks and mortgage lenders will only get so little from it. Banks do not want to own any property, they want to earn from it.

In a nutshell, banks and lenders will surely agree of a short sale if you consider it as one of your foreclosure solutions. Read more about how to negotiate with your lenders, they might even eliminate the outstanding balance depending on how you deal with them. Or they can modify the remaining debt into a low-interest, long term loan so that you will be able to pay them off. Work things out with your mortgage lender and be honest with your current financial situation, they will be more than willing to negotiate with you.

L. Weber -
About the Author:

L. Weber has helped hundreds of homeowners by providing answers and solutions for their numerous foreclosure questions. Visit her insightful blog http://blog.secretsaboutforeclosure.com/>Secrets About Foreclosure to discover solutions and information on the latest government events, policies, and amendments about Home Foreclosure in America today.

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Learn your options for stopping foreclosure on your Holland house. Tips and traps from Michigan’s #1 Foreclosure Solution & Short Sale Team.

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Life can be really challenging & there are many situations that cause good, hardworking families to go into foreclosure such as health problems, family death, rising mortgage payments, loss of job, divorce, medical bills to name a few. If you’re behind on your payments and facing a foreclosure, experts advise “ACT QUICKLY AND DON’T HESITATE ANOTHER MINUTE!” In Mississippi that’s good advice because once a lender decides to foreclose on your property it only takes about 30 days to take your home.

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Jun 14 2011

Funding For Short Sale Investors With No Money Down

Posted by Usual in Lender Approved Short Sales, tags: down, Funding, Investors, Money, Sale, Short

Funding For Short Sale Investors With No Money Down

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Funding For Short Sale Investors With No Money Down

Posted: Apr 08, 2011 |

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The critical requirement to complete reo funding of a property or portfolio is that there is a committed and funded End Buyer in place. He keeps his money ready to fund at the end of it all. Whether funding is via cash or financing, a committed buyer with funding is necessary. Additionally, the C Buyer or End Buyer must be committed to purchasing the commercial or residential property or portfolio within a defined window of no greater than 1-4 days. This short term loan serves the purpose of bridging the gap and is also called transactional funding, thereby imp-lying that it helps in completing a transaction.

A Transactional Funding or Short Sale Funding scenario consists of the Commercial Real Estate Investor or Residential Real Estate Investor contractually securing the option to purchase a property whether it is a REO, Trophy Home, or Distressed Commercial Real Estate property. In the same way this Investor indulges in quick buying and selling of the property hoping to make more money. In our example, which is the norm or typical of Double Close Funding or double escrow closings, the B Party or Real Estate Investor is either not in a financial position to purchase the property with their own funds for resell with margin and/or would prefer to leverage the capital of another party- the hard money lender. Essentially, by opting to use our Transactional Funding solution the Real Estate Investor will secure the property with No Money Down.

This end buyer who is known as the C Party is now an Investor for $1,500,000 for the same property. So actually the C End buyer will create liquidity for the bridge loan client. Obtaining assignment of the property or portfolio can often be addressed by presenting the A Seller with a Proof of Funds Letter. We are very prompt in making proof of funding letter available. This is the prerequisite for making transactions under Title and Seasoning. It meets the requirement of the recent changes in Title and seasoning.

This is the basis of our funding. All expenses incurred on this transaction will be a part of our funding. This is also known as Double Closing. You or your company as a client incur a nominal profit share of 3% or less for the use of our standard Transactional Funding or Flash Cash bridge loan programs.

As a Transactional Funding Lender, we are well capitalized and able to address and legally naviagate recent changes in Title and Seasoning law. Both these transactions should be independent of each other. This funding should be done before the C end buyer buys it from A seller. Transactional Funding strategically serves the B Investor who may no longer use the C End Buyer’s funds (or is simply not in a position financially) to complete the profitable acquisition of property from A Sellers.

The Transactional Funding Lending source provides the necessary capital for the A to B transaction to successfully close the initial transaction of the Double Closing. A creditable company can be asked to close both transactions. The A Seller/Party will exit with a cash purchase from either institutional funding sources or private real estate investors- finalizing the A to B transaction. Now comes the turn of the B to C transaction to be finalized. Funding is based on the credibility of the C End buyer . Funding cannot be otherwise. As soon as the funds are credited into the Escrow account the C End buyer exemplifies his intentions. Once the amount is escrowed, we are quite sure of a successful transaction. Approval for a prospective opportunity is qualified by the validity of the parties involved A On an average the review process does not take more than a day .

EXTENDED TRANSACTIONAL FUNDING

Time limit can be enhanced. It is called Extended Transactional Funding. This is the period of closing interval for Hard Money lending. Time duration is the basic variation between the two fundings. 120 days are taken after the A to B closing is achieved. Transactional funding is the ideal alternate proposition.

Extended Transactional Funding example:

Our client has assignment of a property for $1,000,000. This project is worth $1,000,000. Here Flash Funding requirement is varied. This time period is not possible. The investor has a C Buyer ready with his commitment. This is the amount agreed upon, for the property. The duration in this example will require greater than 1-4 days. As the lender, we provide an extended/delayed form of short sale financing. We will fund the A to B transaction including closing costs, we will then allow upwards of 120 days for our client the real estate investor to close his B to C transaction with the C End Buyer. Extended Transactional Funding or Flash Funding for Short Sales will continue to evolve; providing creative solutions for Real Estate Investors. It is indeed an established resolution for short sale investors.

Retrieved from “http://www.articlesbase.com/finance-articles/funding-for-short-sale-investors-with-no-money-down-4563450.html”

(ArticlesBase SC #4563450)

Shristy Chandran -
About the Author:

Know more about Transactional Funding. For more information visit http://escrowedproofoffunds.com/solutions/transactional-funding/

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Jun 13 2011

Does a Short Sale Show Up on Your Credit as a Foreclosure?

Posted by Usual in Lender Approved Short Sales, tags: Credit, Foreclosure, Sale, Short, Show

Does a Short Sale Show Up on Your Credit as a Foreclosure?

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Home Page > Finance > Mortgage > Does a Short Sale Show Up on Your Credit as a Foreclosure?

Does a Short Sale Show Up on Your Credit as a Foreclosure?

Posted: Jan 25, 2010 |Comments: 0
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If you are trying to avoid a foreclosure with a short sale one of the biggest questions you may be faced with is whether or not your credit will be affected in the same way as a foreclosure.

After all you are making the effort to avoid foreclosure so it shouldn’t affect your credit as much, right? The answer to that can be dependent upon the state you live and the terms of your mortgage agreement, however in general a short sale can affect your credit as much or maybe a little less than a foreclosure would.

Hector Milla Editor of the “Best Loan Modification Companies” website — http://www.BestLoanModificationCompanies.com — pointed out;

“…You can rest assured though that a short sale does not appear on your record as a foreclosure and it does not stay on your record as long as a foreclosure would. You can expect to see a short sale fall off your record upwards of three years; however you can begin to reverse the negative effects of a short sale after the first year…”

A short sale is really a catch 22 when it comes to saving your credit record. In order to be approved from your lender to do a short sale you have to prove that you have no way of fulfilling the loan agreement. In order to do this you must submit bank statements, liquidate all of your assets, and show a profit and loss statement if you own your own business. On the other hand, in order to avoid foreclosure you must remain current on your mortgage payments until the short sale commences. In this current economy this could take upwards of six months. If you are qualified for a short sale then you obviously do not have the funds to maintain your mortgage payments and therefore after six months you will be well on your way to a foreclosure.

Another drawback to doing a short sale is that your mortgage lender has the right to hold a deficiency judgment to try and reclaim the money lost in the short sale. If the judgment is upheld you may need to pay back the remainder of the loan that was not recovered in the short sale. For example if you owed $325,000 and you sold the home at a short sale for $225,000 you may still be responsible for the additional $100,000 plus any real estate fees that were assessed.

“…The best thing for you to do if you are in a situation is to contact a foreclosure assistance company. They will be able to assess your monthly income and debts and try to come up with a solution to help find the best solution for your situation. They will also negotiate with your mortgage company on your behalf to try and modify your loan or achieve a short sale, deed in lieu, or cash for keys…” H. Milla added.

Further information about how to get professional assistance with a mortgage loan modification by http://www.BestLoanModificationCompanies.com

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(ArticlesBase SC #1777684)

Hector Milla -
About the Author:

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How long does short sale affect your credit?
I was denied a Hamp mod due to NPV caculations. My lender will not explain these terms to me. They said they cannot help me. I need to short sale and get out. Can u please help me
What are tax implications of short sale ?

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Jun 12 2011

Persuasive Short Sale Hardship Letters - 7 Significant Writing Pointers

Posted by Usual in Lender Approved Short Sales, tags: Hardship, Letters, Persuasive, Pointers, Sale, Short, Significant, Writing

Persuasive Short Sale Hardship Letters - 7 Significant Writing Pointers

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Home Page > Finance > Real Estate > Persuasive Short Sale Hardship Letters - 7 Significant Writing Pointers

Persuasive Short Sale Hardship Letters - 7 Significant Writing Pointers

Posted: Apr 11, 2010 |Comments: 0
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Those who apply for short sales normally are required by their creditors to write a hardship letter that would be used to explain why the homeowner has failed to service their mortgage payments properly. If written properly, a hardship letter could be an extremely useful tool to help homeowners work on short sales easily, and present a stronger case to their creditors, especially to stop home foreclosure. Getting approval for your short sale is not easy, but with a well-drafted hardship letter, you could do it without much hassle. Let us now look at seven important tips that would make your hardship letter persuasive and favorable for you:

1) Make sure that you write the hardship letter yourself, not only would the letter be more believable, it would also make a more convincing case when you negotiate with your lenders. There is an option to hire a consultant to write the letter for you, but this could add unwanted expenditure, making it even more difficult for you

2) Explain clearly why you have been unable to service your mortgage payments. Reasons such as job termination, illness, death in family and job relocation would come in handy when you draft your letter. Don’t forget to explain why it has become difficult financially for you as well

3) Explain that you have tried to sell your home personally, or with the help of a real estate agency prior to this, but unsuccessfully. Also include the price that you started off with, and the price that you are willing to accept now. Make sure that the lenders understand that you are not running away from financial obligations, and that your financial situations is in reality precarious

4) Make sure that you letter is logic, and make sure that you attach all relevant information and documents with the letter when you send it to your creditor. Also check on the accuracy of the information provided, as you do not want to be careless when you draft a hardship letter

5) Make is clear to the bank that you want to avoid bankruptcy at all costs, and that is the reason that is driving the short sale. Lenders would be less likely to entertain your letter if they realize that you are preparing to file for Chapter 7.

6) Propose to the bank what you expect from them, and let them know how much the short sale would help you (as well as the bank). Also do not forget to put a clause that releases you from all future debts in regards to your home once the deal is clinched, this would safeguard you from future problems.

7) Last but not least, do not blame the bank for your financial complications, as this would only work against you!

Follow the seven writing tips as mentioned above, and stop foreclosure now successfully!

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Jun 11 2011

Pre-foreclosure Investing — Putting Together the Short Sale Package

Posted by Usual in Lender Approved Short Sales, tags: Investing, Package, Preforeclosure, putting, Sale, Short, Together

Pre-foreclosure Investing — Putting Together the Short Sale Package

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Pre-foreclosure Investing — Putting Together the Short Sale Package

Posted: Feb 29, 2008 |Comments: 0
| Views: 609 |

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When you work with the homeowner to put together short sale negotiations with the bank, you’ll also be assembling vital evidence in a short sale package. This package is very important in preforeclosure deals. It provides enough information to (hopefully) convince the bank to accept your short sale offer on the homeowner’s property.

Include everything you can in the short sale package that backs up your request for a short sale. Obviously, you’ll want to leave out extra evidence, (unless the bank specifically requests it), that may hurt your claim.

Common Items in a Short Sale Package:

Standard Purchase and Sales Agreement & Escrow Instruction

This is the standard sales contract between you and the homeowner, since you will actually be purchasing the property from the homeowner with the bank’s approval.

Authorization To Release Information

In order to get the bank to work with you, the homeowner need’s to sign this document stating that they authorize their lender, the bank, to share all vital information concerning their mortgage with you. If you don’t have this the bank won’t talk to you!

Letter Of Agreement and Addendum

This is the cover your butt document stating that you will work with the homeowner and the bank to stop the foreclosure, but you can’t guarantee that the bank will agree to stop the foreclosure during short sale negotiations with you.

Warranty Deed To Trustee

You’ll need to get a notary to authenticate this document. It basically shows who owns the property you are attempting to purchase.

Agreement and Declaration Of Trust

In order to keep your own name off of public records you’ll use this document to declare a land trust on the property, which you’ll have rights too.

Letter That Trustee is Making Payments:

This letter is used when you have an agreement with the homeowner that indicates you’ll be taking the property “subject to” and notifies the lender that payments will be coming from a trustee.

Escrow Letter

You’ll use this letter to tell the bank to apply funds in an escrow account to the loan balance when the loan is paid in full and the short sale deal is complete. Be aware there is no guarantee the bank will comply with the instructions for your real estate investment. They may send the escrow proceeds to the original borrower, which is the homeowner. So, you’ll need to make arrangements with the homeowner just in case this happens.

Special Power of Attorney

You’ll get this signed by the homeowner in front of a notary. It applies only to the property and lets you make decisions concerning the property if something happens to it before the short sale deal closes.

Residential Real Estate Disclosure

This is basically to protect everyone involved. You’ll sign it as the purchaser. It discloses any defects in the property and prevents anyone from claiming after the deal is completed that they weren’t aware of certain defects in the property.

Hardship Letter

This is a very important letter in pre-foreclosure investing. The hardship letter allows the homeowners to explain in detail all of the reasons they were unable to make payments on their mortgage and why they’ll be unable to completely pay off the mortgage. A good hardship letter can really help you seal the deal.

Financial Statement

This is basically the homeowner’s pay stubs, copies of their past income tax returns and other items that show the homeowners really are in financial hardship. The bank will absolutely want to see this proof of hardship before discounting a loan and taking a known loss.

Suggested Extras to Seal the Deal!

There are a few extra pieces of foreclosure information you can include in your short sale package to get the bank’s attention in this preforeclosure deal.

Cover Letter

The cover letter helps your short sale package stand out. It basically states who you are as an investor and that you are requesting a short sale. It also states why the bank should take the short sale. You can also summarize the major points of your package in this cover letter for the bank officer reading it.

Proposed Closing Statement (HUD1)

Eventually you’ll find that a bank requests the HUD1form. It shows all the fees and payments that will be made to the parties involved in the short sale. It helps them know their bottom line on the deal at a glance. Plus, it ensures the seller is not receiving any compensation.

Opinion Of Value

This can be a professional estimate or your own statement. You’ll back it up with a quick list of all the negative points of the property, its needed repairs and the lowest comparable sales in the area.

Estimate Of Repairs

If this property in pre-foreclosure needs repairs make sure you get estimates for all of them and include those estimates in your short sale package to back up your discounted price. Use the highest priced estimates you get.

Notice Of Trustee’s Sale

This is the notice that the homeowner receives telling them that their property is going to the foreclosure sale. By including this document in your short sale package you are letting the bank know that you are aware of the foreclosure process. It also helps put a timeframe on the deal and can light a fire under them, so to speak.

Color Photos

You’ll get extra points with the bank by sending them pictures of the damaged and neglected areas of the house. They provide photographic evidence of the low market value of the property and encourages the bank to accept your discounted offer.

The short sale package usually contains quite a lot of foreclosure information. In fact, it’s an involved process and essential part of debt negotiation with the bank. The bank will want ample evidence to back up your short sale request for their loss mitigation department as can be seen by the bulleted list. This package contains information that the bank requests from you and your own research on the property including; damage estimates and the homeowner’s hardship letter, all of which work to back up your request for a discounted sale price on the property.

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Colin Egbert -
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Colin Egbert is CEO & Co-Founder of http://www.realestateinvestor.com/, the online leader for real estate investing education and networking. Additionally, he established http://shortsaleinvesting.org/, the #1 provider of full-service debt negotiation services for successful short sale investors.

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Article Tags:
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Jun 10 2011

Pre-foreclosure Investing: The Short Sale Package

Posted by Usual in Lender Approved Short Sales, tags: Investing, Package, Preforeclosure, Sale, Short

Pre-foreclosure Investing: The Short Sale Package

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Home Page > Finance > Real Estate > Pre-foreclosure Investing: The Short Sale Package

Pre-foreclosure Investing: The Short Sale Package

Posted: Apr 13, 2009 |Comments: 0
| Views: 486 |

]]>

You’ll be assembling vital evidence in a short sale package as part of your work with the homeowner to put together a short sale. In preforeclosure deals this package is very important. The short sale package provides enough information to convince the bank to accept your short sale offer on the homeowner’s property and get the homeowners out from the under the obligation.

In your request for a short sale you’ll want to include everything you can that backs up your request for a short sale. Obviously, leave out extra evidence that may hurt your claim, but don’t purposely hide the homeowner’s income or other necessary pieces of information. You really just want to show the homeowner’s life at its worst and the house at its worst.

What’s in a Short Sale Package?

Authorization to Release Information: The homeowner needs to sign this document stating that they authorize their lender, the bank, to share all vital information concerning their mortgage with you. The bank won’t talk to you if you don’t have this!

Letter of Agreement and Addendum: This document states that you will work with the homeowner and the bank to stop the foreclosure, but you can’t guarantee that the bank will agree to stop the foreclosure during short sale negotiations with you. Don’t ever forget this document and make sure you point this possibility out to the homeowners when working them.

Warranty Deed to Trustee: This basically shows who owns the property you are attempting to purchase. You’ll need to get a notary to authenticate this document.

Standard Purchase and Sales Agreement & Escrow Instruction: This is the standard sales contract between you and the homeowner, since you will actually be purchasing the property from the homeowner with the bank’s approval.

Agreement and Declaration if Trust: Keep your name off of public records with this document which declares a land trust on the property. Trusts are getting harder to use in many areas. Ask a local pro as to how they deal with the title.

Financial Statement: These are the homeowner’s pay stubs, copies of their past income tax returns and other items that show the homeowners really are in financial hardship.

Hardship Letter: This is important in pre-foreclosure investing. The hardship letter allows the homeowners to explain in detail all of the reasons they were unable to make payments on their mortgage and why they’ll be unable to completely pay off the mortgage. A good hardship letter can really help you seal the deal.

Special Power of Attorney: When working in pre-foreclosure investing you’ll get this signed by the homeowner in front of a notary. It applies only to the property and lets you make decisions concerning the property if something happens to it before the short sale deal closes.

Letter That Trustee is making Payments: This letter indicates you’ll be taking the property “subject to” and notifies the lender that payments will be coming from a trustee.

Escrow Letter: This letter tells the bank to apply funds in an escrow account to the loan balance when the loan is paid in full and the short sale deal is complete.

Be aware there is no guarantee the bank will comply with the instructions for your real estate investment. They may send the escrow proceeds to the original borrower, which is the homeowner.

Residential Real Estate Disclosure: This is protects everyone involved in this pre-foreclosure investing project. It discloses any defects in the property and prevents anyone from claiming that they weren’t aware of certain defects in the property after the deal is completed.

Extra Pre-foreclosure Investing Documents

In addition, are a few extra documents you can include in your short sale package to get the bank’s attention in this pre-foreclosure investing deal.

Cover Letter: Make your short sale package stand out with a cover letter. It basically states who you are as an investor and that you are requesting a short sale and why the bank should take the short sale.

Opinion of Value: This is a professional estimate or your own statement from experience in pre-foreclosure investing. You’ll back it up with a quick list of all the negative points of the property, its needed repairs and the lowest comparable sales in the area.

Color Photos: Send the bank pictures of the damaged and neglected areas of the house. They provide photographic evidence of the low market value of the property and encourages the bank to accept your discounted offer.

Estimate of Repairs: Get estimates for all of the repairs needed on the house and include those estimates in your short sale package to back up your discounted price.

Proposed Closing Statement (HUD1): Eventually you’ll find that a bank requests the HUD1 form, so it’s a good idea to include this document anyway. It shows all the fees and payments that will be made to the parties involved in the short sale.

Notice of Trustee’s Sale: The homeowner receives this notice when their property is going to the foreclosure sale. You are letting the bank know that you are aware of the pre-foreclosure investing process by including this document in your short sale package.

Pre-foreclosure investing is an involved process, but when you properly complete the short sale package you’ll be one step closer to this essential part of debt negotiation with the bank. The short sale package contains information that the bank requests from you and your own research on the property to back up your request for a discounted sale price on the property.

Retrieved from “http://www.articlesbase.com/real-estate-articles/preforeclosure-investing-the-short-sale-package-862747.html”

(ArticlesBase SC #862747)

Colin Egbert -
About the Author:

Colin Egbert is an experienced Real Estate Investor with plenty of short sale techniques to aid fellow investors in their quest to succeed and make huge profits. He’s the author of the ebook “Getting Started with Short Sales” providing the tools needed to start your own real estate investing business. Colin is also the CEO of Realestateinvestor.com a website dedicated to helping investors make the most of their business.

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