WHAT'S IN A SHORT SALE PACKAGE?

Short Sale Information

We're going to tell you everything you need to know to complete a Short Sale Package. Short Sales are very popular today. Maybe too popular! If you speak to folks facing foreclosure, many will say that they're going to do a Short Sale. This is a relatively new phenomenon.

The word's spread like wildfire that if you're going into foreclosure, you can get out of this bad spot by pursuing a short sale which occurs when a lender agrees to accept less than what is owed on a property when a home is sold.

If you're a Realtor® this can mean a huge supply of listings to generate a considerable amount of additional income. If you're an investor, you will have the opportunity to purchase properties at a huge discount.

There is a big BUT, though. Don't believe that lenders are willing to hear from you, saying that you need a huge discount, and just say OK. It's not that easy!

The lender will require information, both financial and personal, so that they can then review each case and make a determination if the short sale if feasible. This information is referred to as the Short Sale Package. We have Short Sale Training right here at Foreclosure-Consultants.com, which will teach you exactly what to include and how to prepare the paperwork.

The Short Sale Package is what will be sent to you after you call, either as a homeowner/seller, investor/buyer or Realtor®.

To get the ball rolling, you'll need to get the mortgage account number and phone number of the lender. This information is included on the monthly mortgage statement.

If you are an investor or Realtor® you'll need to have the seller sign an "Authorization to Release Information" form.

Now it's time to call the lender. Ask for their loss mitigation department or their foreclosure department. Be prepared to fax them the "Authorization to Release Information" form while you're on the phone with them. Ask them to fax you their Short Sale Package. All lenders have similar short sale packages, but they each have their own forms that they want filled out. Essentially, what they fax you will be a list of required items to be sent to them and, usually, their own financial worksheet.

The lender will usually not want you to contact them again until you have completed all of their paperwork. Don't fax them incomplete paperwork. It will not be reviewed!

What it boils down to is that it's your job to build a case so that the lender will accept the Short Sale.

When you have a complete Short Sale Package, send it to the lender. Give them a call to find out if a particular individual has been assigned to this case. Get their name and phone number.

If you want more information on whether you really should try to save your home you can find out here.