Getting Info
How do I go about getting the criteria of a specific lender? Where do I start?
If the info is mailed to the loss mit rep how do I get the approval and other info mailed to me without having to go through the seller or REA?
Do you have to use a loss mit service to get the ss approval.
Any advice will be greatful!!! Thank you in advance!
"How do I go about getting the criteria of a specific lender? Where do I start?"
You draw upon your own experience, formally ask the appropriate lender representatives, or hire a consultant that has the experience.
"If the info is mailed to the loss mit rep how do I get the approval and other info mailed to me without having to go through the seller or REA?"
I've found that even if the loss mit rep is directed to send replies to You, they still might send applications, follow up requests for information, approvals, or rejections directly to their customer (mortgagor/homeowner/seller). Depends upon the relationship you have established...and each lender has it's own internal policies.
"Do you have to use a loss mit service to get the ss approval."
You don't have to hire your own "service" or "consultant" to effectuate a preforeclosure short sale... unless you've got a great opportunity and you don't want to have to reinvent the wheel or step on your own foot.... letting it get away. If the mortgagee has an in-house loss mit department, or farms out the workout scenarios... then yes, you must play by their rules. I usually send a copy of the application and accompanying Proposal to loan servicer's management, the PMI if applicable, &/or the owner of the mortgage.
[addsig]
Hey SSPro,
I'm a young guy and I know of a Mortgage broker who speacializes in SS, but he is not willing to teach anyone as if New York does not have a TON of leads!!
I was wondering if you could help me on a couple of deals. If it is possible. Even if you could direct me to more specific info because I've been reading this whole forum trying to gather enough information and wanting to get started I do have on me the PF list!!!
Any help will be greatly appreciated!!
Thank you in advance !