Steps for Working with Mortgage Lenders Rockville Centre NY

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

Local Companies

Washington Mutual Bank Locations Brooklyn Park Slopefifth Avenue
(718)965-7499
533 5th Avenue
Brooklyn, NY
Hagedorn And Co
(212)269-1100
20 Exchange Pl
New York, NY
Jeffrey Lewis, CFP, ChFC
7 White Deer Court
Huntington, NY
Mr. Monroe M. Diefendorf (RFC®), CFP, CHFC, CLU
516 759 3900
152 Forest Ave.
Locust Valley, NY
First West Mortgage Bankers Limited
(516)867-6500
1732 Sunrise Hwy
MERRICK, NY
Atlas Financial Services Inc.
(718)946-7474
3072 Brighton 1st Street
Brooklyn, NY
Realestatecybercafe
(516)759-0989
1 Margaret Street
Glen Cove, NY
Helen Beichel
1133 Park Place
Brooklyn, NY
Mr. Michael H. Fliegelman (RFC®), CHFC, CLU
631 806 3568
5 Harborfields Ct
Greenlawn, NY
Mr. Michael J. Goldsmith (RFC®), LUTCF
516 541 0111
549 Broadway Street Suite 201
Massapequa, 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
- Getting a Bad Credit Home Equity Loan Rockville Centre NY
While getting a home equity loan with bad credit is not always easy there are lenders that specialize in doing this type of loan. These bad credit lenders are more interested in your ability to pay back the loan then anything else. A bad credit score works against you but does not keep you from getting the loan you need.
- Making Use of Commercial Loans Rockville Centre NY
- Investment Property Mortgages Rockville Centre NY
- Specialized Commercial Properties Rockville Centre NY
- Mortgage Brokers Rockville Centre NY
- Home Mortgages Rockville Centre NY
- Commercial Loan Financing Rockville Centre NY