Short sale pp

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    27-Jul-2015
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1. By: Nishad Khan, Esq.907 Outer RoadSuite BOrlando, FL 32814nak@nishadkhanlaw.com 2. Financials Contract Negotiations Closing 3. Letter and documentssupporting hardship Tax Returns Pay Stubs Monthly Expenses Bank Statements Credit Report 4. OFFER APPRAISAL SETTLEMENT STATEMENT 5. Cash Contribution Promissory Note 1099 (Debt Forgiveness) Combination 6. Documents ExecutedFunds Disbursed 7. APPLICATION:1. Loans Held inFNMAs portfolio;2. Loans that are part ofMortgage backedSecurity (MBS) poolthat has specialservicing options;3. Loans that are part ofa shared-risk MBSpool for whichFNMA markets theacquired property;4. Servicers of theseloans;5. Servicers whoparticipate in HAFAwww.makinghomeaffordable.gov/loan 8. Principal Residence First Liens before January 2009 Delinquent or imminent default UPB is less than $729,750 Owner Occupied Have not purchased new home within 1 year 9. Borrowers refusal to pay Substantial unencumberedassets or cash reserves High Surplus Income 10. Pre-Approval of Short Sale Price Specific time period to complete short sale Deed-in-Lieu Only 3 documents to submit Set funds for Junior Liens $3,000 in relocation costs And. 11. Fraud SS fraud occurs in at least 2% of allsales and costs banks $300 millionannually. Widespread Bailouts Lenders are concerned if SS areapproved on a widespread basis,large numbers of people who areunderwater will start bailing out. Incentives In some cases, servicers arecompensated higher for foreclosurethan for a short sale. Mortgage Insurance In some cases, banks can collect onMI if the property goes throughforeclosure as opposed to a short sale.