Steps for Working with Mortgage Lenders Port Jefferson Station NY

Short sale approval occurs when banks allow borrowers to sell their property for less than the balance due on the mortgage note in Port Jefferson Station. The primary goal of short sales is to minimize lenders' financial losses and prevent the property from falling into foreclosure.

Local Companies

Jeffrey Lewis, CFP, ChFC
7 White Deer Court
Huntington, NY
Mr. Michael H. Fliegelman (RFC®), CHFC, CLU
631 806 3568
5 Harborfields Ct
Greenlawn, NY
Mr. Richard A. Fallica (RFC®), CEP
631 979 6161
P.O. Box 728
Smithtown, NY
Long Island Mortgage Group
(631)588-9788
5018 Express Drive South
RONKONKOMA, NY
First Network Mortgage CO
(631)584-9584
400 Lake Avenue
SAINT JAMES, NY
Chase Bank
(631) 277-6027
556 Main St
Islip, NY
JOSEPH CONBOY
P. O. BOX 449
SHOREHAM, NY
Mr. Albert F. Coletti (RFC®), CHFC, CLU
631 979 6161 x102
P.O. Box 728
Smithtown, NY
Coldwell Banker Matherson
631-586-9000
Deer Park, NY
Home Inspections Of America Inc.
(631)929-8242
2 Pony Trl
CENTRAL ISLIP, NY
Data Provided by:
    

Provided By:

Author: Simon Volkov

Short sale approval occurs when banks allow borrowers to sell their property for less than the balance due on the mortgage note. The primary goal of short sales is to minimize lenders' financial losses and prevent the property from falling into foreclosure.

Short sale approval is based on many factors and varies by lender. Unified criteria include: properties cannot be in foreclosure; borrowers owe more than the home is worth; and borrowers cannot own assets which can be used to satisfy the mortgage note.

The biggest mistake borrowers make is procrastinating about contacting their lender when they become delinquent with payment. This usually stems from embarrassment or fear. Believe it or not, lenders do not want your property. They are in business to make money, not manage properties. Most are willing to work with borrowers and devise a plan that is beneficial to both you and the lender.

The short sale process typically takes between four to nine months. Much depends on the bank's caseload, number of lenders involved, and ability to locate a buyer. The process becomes more burdensome when borrowers hold a second or third mortgage against the real estate.

Borrowers will work with a loss mitigator assigned through their lender. Mitigators do not make final decisions on short sale approval, but can be instrumental in helping obtain a successful outcome.

Loss mitigators are overwhelmed with work. They are oftentimes verbally abused by frustrated, stressed-out borrowers. If you want an edge on obtaining short sale approval, be nice to your mitigator. Organize financial records and provide requested information in a timely fashion. Take time to thank the person for assisting you through this difficult process. As they say, you catch more flies with honey.

Banks generally require borrowers to submit a short sale packet consisting of a variety of financial documents. Expect to provide bank, credit card and investment statements, previous years' tax returns, tax or creditor liens, list of income and expenses, spousal or child support orders, and property tax and homeowners' insurance receipts.

Lenders oftentimes request borrowers to submit a short sale hardship letter outlining events which caused them to become delinquent. The hardship letter is a crucial element toward obtaining short sale approval. It should be crafted with care and include dates of events which took place. Events might include loss of employment, death of a spouse or child, divorce, or chronic illness.

Many banks require borrowers to have a sales contract in hand before authorizing short sale approval. Others grant time to list the property through a realtor to locate a buyer. Borrowers can save time and money by selling to real estate investors.

Today, investors are particularly interested in foreclosure and short sale real estate because these properties are sold below market value. Use the Internet to locate investors in your area or ask friends, family, realtors and banks for referrals. Some investors purchase real estate across the nation, so if you are unable to locate a local investor look for nationwide investors.

Investors oftentimes purchase distressed properties with cash in order to obtain a lower purchase price. Everyone knows cash is king and lenders are generally more receptive to working with buyers who have cash in hand.

About the Author:

Simon Volkov is a real estate investor with a penchant for helping borrowers who are struggling to maintain their mortgage payments. Simon has helped hundreds of homeowners obtain short sale approval and is called upon by local realtors and real estate lawyers to assist in short sale negotiations.

Simon is the author of the wildly popular " Short Sale Hardship Letter eBook Course ": a no-nonsense guide detailing how to write a short sale hardship letter and increase your chances of approval ten-fold. If you need to sell your house fast and want positive results, visit www.SimonVolkov.com now.

Article Source: http://www.articlesbase.com/real-estate-articles/short-sale-approval-steps-for-working-with-mortgage-lenders-1038152.html

Related Articles
- Specialized Commercial Properties Port Jefferson Station NY
Small business finance programs for specialized commercial properties have become rare commodities as a result of more restrictive commercial lending conditions. This is especially true for golf course financing and funeral home loans.
- Commercial Loan Financing Port Jefferson Station NY
- Getting a Bad Credit Home Equity Loan Port Jefferson Station NY
- Mortgage Brokers Port Jefferson Station NY
- Home Mortgages Port Jefferson Station NY
- Making Use of Commercial Loans Port Jefferson Station NY
- Investment Property Mortgages Port Jefferson Station NY