Lis Pendens And Short Sale
I have a couple of questions about short sales:
1 . I can get the Lis Pendens notices from the county clerk offices. I understand that I can contact the buyer after the period Lis Pendens is issued and before the auction /sheriff sales takes place to make an short sales arrangement that I can then present to the responsible lending institution/bank officer.
2. How can I get the name/contact of the bank officer who I need to talk to for presenting the short sales package ??
Are the bank officer details (who is handling the case) mentioned on the Lis Pendens.
Many thanks in advance for your response.
QM
This is what I have had to do here in MD.
You must work with the homeowner. A short sale involves a contract between you and the seller for an amount less than what is owed to the bank and it must be approved by the bank. Ususally they will want a real estate agent involved.
Meet with the homeowner and get him to sign a consent form giving the bank permission to discuss his mortgage with you. Then call the bank and ask for Loss Mitigation. Get a fax number and fax the authorization to them. It takes about 48 hours for them to input this into their computer. Call back Loss Mit and speak to the representative handling that property. Propose a short sale amount to them. They normally will take 4 weeks to process this. They will send an appraiser out to the property and based on his report decide if they will accept your offer.
Get the seller to do some of this legwork for you. You can ussually get the phone number of collections/loss mitigation etc from a mortgage stub or item that has been mailed to the seller.
They need to sign a AUTHORIZATION TO RELEASE MORTGAGE INFORMATION, and then you will be able to contact the lender and ask for their short sale package.