More on Short Sales
Still holding for the approval of our short sale. I found out that the original loan was sold to another party. Selling of loans is a standard practice in the mortgage industry. So now another entity owns this loan and the original maker of the loan is only the servicer (collecting the payment and dispersing the funds to the appropriate parties). This scenario complicates (delays) the short sale process because we now need two different approvals for the sale. The old adage of hurry up and wait is the norm for creating a short sale. So we get to practice the patience part of this process. We need two signatures from two different departments in two different loan companies and these two different companies must review all the documents and agree to the short sale. As I said earlier in this blog complicated and timely.
For anyone out there who is contemplating a short sale or is in a short sale make sure all your documents are in order before you send them into the Loss Mitigation department of your mortgage company. Document packages that are incomplete will get put aside and loose precious time in the decision process. If you are working with a Realtor make absolutely sure your Realtor understands the short sale process. Lack of knowledge will cost you time and potentially the short sale which may result in a foreclosure. I have a detailed list of requirements needed to compile a complete short sale package. If you are in need of doing a short sale or if you have someone you know who is in need of doing a short sale contact me and I will lead you through this process.
As always if you are reading this blog then you are creating real estate opportunities in the new real estate market.
Be Well,
chaz rothenberg