Working with Banks on a Short Sale
May 10, 2010 by Deb McMillan
Filed under Working with Banks
Just because a homeowner is having a trouble paying their mortgage does not guarantee a bank will be willing to work with you and the homeowner. But if you follow some of my simple steps, the chances of you working successfully with a bank will greatly increase.
First things, first. We need to be sure the homeowner will ‘qualify’ in the banks eyes. Check to see
1. If the homeowner has had a change income making it difficult to pay the mortgage.
2. The value of the home was dropped and the person must relocate for a job
3. The homeowner is behind on their payments
If this is your first short sale, consider working with an experienced investor to walk you through this process.
Be sure to document everyone you talk to, every piece of paperwork you send, and ever email you send. You need to stay on top of the paperwork throughout this process.
Stay tuned for short sale tips!
