I am a homeowner and was wandering if the loan co I deal with will negotiate a shortsale with me?

Asked by Shannon, Antioch, TN Fri Feb 8, 2008

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Marilyn Bell, Agent, Calabasas, CA
Wed Jan 6, 2010
I would contact your lender first. Depending on the mortgage company, there may be a hardship package that needs to be completed first. They may also have a time requirement for the home to be on the market that would result in the lender being paid in full. For example, they may require the home be on the market for 6 months before you can reduce the price to an amount that would result in a short sale. And as Gloria advised, it is highly beneficial to use a short sale negotiator. Can you do one without one, technically yes. Are your odds much better to get the short sale closed with a negotiator - absolutely!
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Gloria Commi…, Agent, Hermosa Beach, CA
Thu Dec 31, 2009
let an experienced agent do the negotiating for you. Im negotiaing several right now and its complicated. Interview 2 or 3 local short sale specialist agents. they can instruct you how to begin the process and package a file that has a good chance of being approved. good luck.
0 votes
Keith Sorem, Agent, Glendale, CA
Fri Feb 8, 2008
Shannon
Please read my five part blog on short sales and foreclosures
http://activerain.com/blogsview/125091/How-The-Foreclosure-Process
Every market and lender is different. The SHOULD negotiate with you.
If after you read the blog you have more questions, please let me know.
Best of luck to you.
0 votes
Mark Daugher…, Agent, Franklin, TN
Fri Feb 8, 2008
It may be possible. The first thing you should do is contact the loss mitigation department of your loan company. Be honest with them about your situation, and see what they say. If they indicate you may be a candidate, here is what you can expect. First you need to find a buyer for your home. Then you submit the purchase contract, along with a "short sale package" to the loss mitigation department of your loan company. Here is a link to site where you can find an example of the documents included in the package you will have to submit. http://www.homeq.com/mortgage/lossmitigation.jsp#
It's sort of like unapplying for a loan. You have to document your financial situation, and demonstrate that you have a legitimate hardship that has led to your inability to meet the terms of your loan. Once you have a buyer, and submit the paperwork to them, they will evaluate the situation and make a decision. It can be a long and involved process, but definitely worth a shot if it will save you from having a foreclosure on your record.
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Margaret Ro…, , Knoxville, TN
Fri Feb 8, 2008
They may ,is your home currently listed with a Realtor? What are your financials like now,what was \is the reason you are not current with the mortgage , Write a hardship letter . From the process you can expect a Realtor to do a BPO on your home and an appraiser for an appraisal they will work for the bank ,both of these will do interior photos of the home . I also do Loss Mitigation Consulting and if you would like a free package to send to the bank let me know .More info is on my website
Web Reference:  http://MargaretRodgers.com
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