I just make a list of all the things wrong in the Sellers' life(ves), and everything that casued them to get into foreclosure, and all the reasons that they cannot ever get back to making payments or making up back payments. Then take the list and put it into a paragraph format.
The more sorry the story, the better. However, it does't matter too much, as long as you have something. The lender gets the letter, and they either say "OK", we'll consider a SS, or "NO". BUT they already understand that the property is in foreclosure, and the're going to have to dump it off on someone else no matter what. So I wouldn't spend too much time on this letter, better to spend time on getting good comps to back up your reason for paying 40% of the loan balance...LOL.
Sam
If you are the Seller... just write from the heart to descibe the circumstances that have resulted in mortgage foreclosure. Be specific... include times, dates, events... and supplement with supportive docs... including but not limited to a medical prognosis, layoff notice, other lienholders collection notices, etc.
If you are the facilitator, listen to the Sellers. Help them write the LOH in their own words...
thanks for the feedback. I'm not the seller. I'm trying to help the seller put together a letter so we can get this thing done. The seller doesn't care about the property anymore as he lives in a different state. He just wants out.
I just make a list of all the things wrong in the Sellers' life(ves), and everything that casued them to get into foreclosure, and all the reasons that they cannot ever get back to making payments or making up back payments. Then take the list and put it into a paragraph format.
The more sorry the story, the better. However, it does't matter too much, as long as you have something. The lender gets the letter, and they either say "OK", we'll consider a SS, or "NO". BUT they already understand that the property is in foreclosure, and the're going to have to dump it off on someone else no matter what. So I wouldn't spend too much time on this letter, better to spend time on getting good comps to back up your reason for paying 40% of the loan balance...LOL.
Sam
If you are the Seller... just write from the heart to descibe the circumstances that have resulted in mortgage foreclosure. Be specific... include times, dates, events... and supplement with supportive docs... including but not limited to a medical prognosis, layoff notice, other lienholders collection notices, etc.
If you are the facilitator, listen to the Sellers. Help them write the LOH in their own words...
thanks for the feedback. I'm not the seller. I'm trying to help the seller put together a letter so we can get this thing done. The seller doesn't care about the property anymore as he lives in a different state. He just wants out.
A successful short sale transaction is predicated upon the mortgagor's continued cooperation.
Best not to mention in your application that the property is no longer owner occupied.
"S-Pro"
I figured if I told them that it isn't owner occupied they would be more incline to grant a short sale.
depends upon the position of lien (2nds generally more flexible) and who owns the lien.
Making that disclosure voluntarily is akin to stepping on one's own foot.