Get the free Short Sale Overview of Service and Representation w Hagen handling short sale

Borrower Signature Authorization Part General Information Borrower(s): Name of Lender: Acct #: SS#: Processors: SS#: Judy Prowl, Paralegal Michael Hagen, Esq. Sylvia Long, Paralegal Beth Fraser Paralegal

How to fill out short sale overview of

How to fill out a short sale overview:

1. Gather all necessary information: Before filling out a short sale overview, make sure you have all the relevant details about the property, the borrower, and the financial situation. This may include the property address, loan information, financial statements, and hardship documentation.
2. Complete the property information: Begin by providing the details of the property being sold, such as the address, type of property (single-family home, condo, etc.), number of bedrooms and bathrooms, and the estimated market value.
3. Provide borrower information: Include the borrower's name, contact information, Social Security number, and any co-borrower's details if applicable. This section may also require information on the borrower's current employment status and income.
4. Describe the financial hardship: Explain the reason for requesting a short sale and provide a detailed account of the financial difficulties the borrower is currently facing. This may include a job loss, reduction in income, medical expenses, divorce, or other extenuating circumstances.
5. Include a list of outstanding liens or mortgages: Outline any existing liens or mortgages on the property, including the names of the lenders, loan amounts, interest rates, and monthly payments. This is essential for the lender to assess the financial feasibility of approving a short sale.
6. Provide a snapshot of the borrower's current financial situation: Include an overview of the borrower's assets, liabilities, and monthly income and expenses. This information helps the lender evaluate the borrower's ability to meet their financial obligations and determine if a short sale is a viable option.
7. Submit supporting documentation: Attach all necessary supporting documentation, such as bank statements, tax returns, pay stubs, proof of hardship, and any other relevant financial records. Make sure to organize these documents and label them appropriately.
8. Review and double-check: Before submitting the short sale overview, carefully review each section to ensure accuracy and completeness. Double-check all information and documentation to avoid any potential delays or issues during the review process.

Who needs a short sale overview?

1. Homeowners facing financial hardship: Individuals who are struggling to make their mortgage payments and cannot afford to keep their property may need a short sale overview. A short sale provides them with an opportunity to sell their property for less than what is owed, with the lender's approval.
2. Real estate agents and brokers: Professionals in the real estate industry who specialize in short sales often require a short sale overview to accurately represent and negotiate on behalf of their clients. It helps them understand the property's financial situation and assist with the necessary paperwork.
3. Lenders and servicers: Financial institutions and mortgage servicers overseeing delinquent or distressed loans require a short sale overview to evaluate the borrower's financial hardship and the property's value. This information helps them determine if a short sale is an appropriate course of action.
4. Buyers and investors: Individuals or companies interested in purchasing distressed properties or participating in short sales may request a short sale overview to assess the financial viability and potential risks or advantages of acquiring a particular property.

In conclusion, completing a short sale overview involves gathering all relevant information, providing details about the property and borrower, explaining the financial hardship, listing outstanding liens, describing the borrower's financial situation, including supporting documentation, reviewing and double-checking the overview. Individuals such as homeowners, real estate agents, lenders, servicers, and buyers may require a short sale overview for various reasons.

For pdfFiller’s FAQs

What is short sale overview of?

Short sale overview provides a summary of a property being sold for less than the remaining mortgage balance.

Who is required to file short sale overview of?

The seller and their real estate agent are typically required to file the short sale overview.

How to fill out short sale overview of?

Short sale overview can be filled out by providing details about the property, the current mortgage, and the proposed sale price.

What is the purpose of short sale overview of?

The purpose of short sale overview is to inform the lender about the pending sale and request approval to sell the property for less than the mortgage balance.

What information must be reported on short sale overview of?

Information such as property details, mortgage amount, sales price, hardship letter, and financial documents must be reported on the short sale overview.

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