Part 2 The Short Sale Packet “About The Seller/Borrower
Yesterday in Part 1 of how to achieve a successful Knoxville Short Sale we talked “About The Property”. Today I’m going to share with you all the information that needs to be gathered up on the seller/borrower for their portion of a Knoxville Short Sale Packet. This is a very important part of a packet. That must be put together correctly in order for the lenders to consider a short sale.
1. Signed Lender Authorization. You will need to obtain permission from the seller/borrower to speak to their lender on their behalf. If they have more than one mortgage on the property you will need to get authorization for each lender. This gives you the ability to negotiate the short sale on your sellers behalf. Without the signed authorization the lenders will not talk to you about your sellers situation.
2. Hardship Letter. The hardship letter written by the seller explaining to the lender exactly why they are unable to make their mortgage payments. You explain to your lender your current financial situation and what may happen if they don’t consider a short sale. The hardship letter should be concise and to the point. The hardship letter is probably the most important part of this part of the packet. Here are some of the more common cases of what a lender considers a hardship:
· Mortgage adjustment or loan payment increase.
If you are a Knoxville homeowner having problems making you mortgage payments and want to know your options. Please feel free to download my free reports
You do have options as a Knoxville homeowner who may be facing foreclosure. Don’t let your home go to foreclosure call me at 865-675-8326 or email me [email protected] let’s setup a time to talk about your situation and talk about your options. I’m here to help you as a trained Realtor with the CDPE designation I can help you…