Knoxville Home Saver

7 Steps To Achieve A Successful Knoxville Short Sale..Part 2

Part 2 The Short Sale Packet “About The Seller/Borrower

Yesterday in Part 1 of how to achieve a successful Knoxville Short Sale we talked  “About The Property”. Today I’m going to share with you all the information that needs to be gathered up on the seller/borrower for their portion of a Knoxville Short Sale Packet. This is a very important part of a packet. That must be put together correctly in order for the lenders to consider a short sale.

1. Signed Lender Authorization. You will need to obtain permission from the seller/borrower to speak to their lender on their behalf. If they have more than one mortgage on the property you will need to get authorization for each lender. This gives you the ability to negotiate the short sale on your sellers behalf. Without the signed authorization the lenders will not talk to you about your sellers situation.

2. Hardship Letter. The hardship letter written by the seller explaining to the lender exactly why they are unable to make their mortgage payments. You explain to your lender your current financial situation and what may happen if they don’t consider a short sale.  The hardship letter should be concise and to the point. The hardship letter is probably the most important part of this part of the packet. Here are some of the more common cases of what a lender considers a hardship:

· Mortgage adjustment or loan payment increase.

Realtors who are not trained as extensively as a CDPE will call the lenders and ask what the lenders wants in a short sale packet. Then the lenders will email or fax their own forms to the Realtor. If you have 2 lenders you have 2 different sets of forms which makes an already difficult situation more difficult. As a CDPE we have all the forms and they are more detailed than most lenders require and they accept our forms. Therefore we get a higher percentage of our short sales approved because we are trained in the area of short sales.

This entry was posted on Thursday, March 11th, 2010 at 7:28 am and is filed under Blog, Knoxville Homeowners Alternatives to Foreclosure, Knoxville Short Sale, Why Use a CDPE. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Knoxville Short Sale Lien and Closing Infomation on Property — Knoxville Home Saver said at March 12th, 2010 at 6:34 am

   [...] we covered Part 2 “About The Seller/Borrower” which is all the information that needs to be collected [...]

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