Question
I am working my first shortsale.
I put the property under contract and submitted the ss packageabout 10 days ago. They did a BPO last tuesday, I was not there they just showed up. Today the homeowner recieved a certified letter about sherif sale and date set 8/31, well he freaked out. Is this a normal occurance? Or does it mean that they won't consider a ss. I called my contact in loss mit but he did not return my call today.
I am just nervous about this deal because although I have read up on ss the unknown worries me some
Happens all the time. You should have prepared your Client...
Mortgage Loan Servicers are usually complex organizations, and their internal communications are suspect. The foreclosure letter was probably generated by their outside counsel who have had no instruction to stop the foreclosure....besides, it's in their interest to produce as much paperwork as possible to generate fees....
Does your proposed short sale have 'teeth' meaning, does it make sense, or is it unrealistic and unworthy of consideration?
If your Proposal (that accompanies the boilerplate application) is both compelling and fact driven with supportive documentation... they should agree to stop the sale for time to review and make a determination....
If your contact is inexperienced... you have to politely assume control and push for a forbearance.
[addsig]
I had prepared the homeowner but it did not quite sink in I quess. Talked to him this AM explained how Household was probably covering all the bases in case.
I feel I made a fair offer to the lender. as is value 104-107K
after repair value 120K
repairs about 5-7K
balance on note w/ fees 99K
I offered 79K
owner has 2nd and 3rd also
2nd will settle for $500
3rd not finialized yet but 1-1.5K
this will cash flow +250
I have read everything I could find but there are so many little details, it gets complicated. Sub-2 is a whole lot easier
Thanks for the response, It is great to have a site where someone can ask a question and recieve a good answer and encouragment
Quote: I called my contact in loss mit but he did not return my call today.
They will almost never return your call. Call fifteen times today until you get her on the phone. Ask them there office hours, what time zone they are in, and try calling first thing in the morning. I have better luck in the morning.