Milton has successful experience and tactics that work with loss mitigation. Let us help discuss the Short Sale option with your lender. We have folks standing by to help!
Here’s how you benefit:
- Stay in your home until the home sells
- Credit Report free of Foreclosure
- No Judgments’ filed
- Any pending Foreclosure delayed
All we need is the following Documents:
- Listing Agreement
- Hardship letter
- Completed financial form Lender
- (2) years tax returns
- (2) most recent months bank statements
- (2) most recent paychecks stubs
- Copy of mortgage statement
Stop Foreclosure Sale
Short sales are known to be a helpful technique for acquiring discount properties in real estate. This makes large investment potentials and is a requisite if you wish to become competitive in this field. One significant step in the process of short sales is being able to obtain the deed. A lot of times, novice investors would leave out this important step. What’s the reason for obtaining the deed from the homeowner? It’s because very often, homeowners tend to alter their minds or simply wish to withdraw from the possible short sale even after the long hours you have exerted on the property. After the homeowner finally signs the deed, the control on the property is now yours, you can continue to the next process which is contacting the lender.
Dealing with Loss Mitigation
In creating the short sales request, you must take a certain procedure for calling the lender. Normally banks know if you’ve been into this before. When you contact the bank, you don’t have to tell them that you’re an investor. This is one big problem a lot of beginners make and will lead the lender not to approve the short sales request. Hence, as you contact the lender to ask for short sales packet; either you inform them that you’re the buyer or merely a representative of the homeowner. At times, the bank may ask if you’re a real estate lawyer. Simply reiterate what you have already told them before. Then say that you wish to ask for a workout packet or short sales packet. When the packet appear it would give details about what you the deal for short sales successful.
Hardship Letter and BPO
Usually, the lender would ask for a hardship letter. This will notify the lenders of the causes why homeowners are not able to settle the payments for their loan. They will as well request for a copy of your income statements, bank statements, pay stubs and many more. In order for your request to be acknowledged, you need to give them what they require you to give. It normally takes about 3 weeks or so to get the answer from the lender.
The last process would be the Brokers Price Opinion. This is actually the key to shot sales. You must try anything that will surely influence the BPO. It actually takes time to perfect this but if you already know how, there is a huge possibility to be successful in each short sale that you request for each foreclosure that you come across.
We can even assist in finding you somewhere to rent or buy in most cases after it’s all done! Don’t wait until it is too late…please!