How do I file a short sale?

Documents Required for a Short Sale PackageAn Executed Listing Agreement.Fully Executed Purchase Contract.Seller's Hardship Letter.Authorization Letter.Last Two Bank Statements.Tax Returns and Wage Documentation.A Closing Disclosure.

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MHA Request for Short Sale

South Carolina MHA Request for Short Sale

Name: South Carolina MHA Request for Short Sale
Brand: US Legal Forms
Rating: 4.85 (422 reviews)

Category:

Real Estate - Foreclosures

State:

Multi-State

Control #:

US-FORECL-09

Format:

Instant download

Description

This form is used by a homeowner/borrower to request approval from a lender for a short sale under the Making Home Affordable Program.

How to fill out South Carolina MHA Request For Short Sale?

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FAQ

The short sale bank can take up to six months to get through the process. You really should have an attorney who is experienced in the short sale and foreclosure process. The attorney will be able to assist in securing more time to complete the short sale, if necessary.

The long-term credit impact may be positive or negative depending on how your lender reports it to the credit bureaus. A loan modification can result in an initial drop in your credit score, but at the same time, it's going to have a far less negative impact than a foreclosure, bankruptcy or a string of late payments.

One potential downside to a loan modification: It may be added to your credit report and could negatively impact your credit score. The resulting credit dip won't be nearly as negative as a foreclosure but could affect your ability to qualify for other loans for a time.

Short sales (Fannie describes as pre-foreclosure sale), deed in lieu of foreclosure, or mortgage charge-off are treated the same. Each requires a 4 year waiting period, unless the reason was an extenuating circumstance. If documentation proves an extenuating circumstance, then the waiting period is only 2 years.

A short sale may take up to 120 days, but this could be shorter or longer depending upon your specific situation. If you are unable to sell your home, you may be able to transfer the ownership of your property to the owner of your mortgage. This option is called a Mortgage Release or Deed-in-Lieu of Foreclosure).

Documents Required for a Short Sale PackageAn Executed Listing Agreement.Fully Executed Purchase Contract.Seller's Hardship Letter.Authorization Letter.Last Two Bank Statements.Tax Returns and Wage Documentation.A Closing Disclosure.

The actual time frame for a short sale can vary a lot. The time to close depends on where you live. It could be way longer if multiple lenders are involved. And 60-90 days is just an average, meaning by definition that some take less time and others more.

A short sale is a transaction in which the seller does not actually own the stock that is being sold but borrows it from the broker-dealer through which they are placing the sell order. The seller then has the obligation to buy back the stock at some point in the future.

Some loan modifications are a debt settlement, and it can affect your credit depending on your the type of program in which you enroll. Debt settlement will hurt your credit score, even if there is an agreement with the lender.

The Short Sale Process: Step By StepAssess Your Financial Situation.Request Short Sale Approval From The Lender.Prepare For The Short Sale.Price The Short Sale.Build Your Proposal And Find A Buyer.Submit Your Short Sale Proposal.

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A letter of authorization for your agent to speak with the bank. · A preliminary closing statement. · A completed financial statement or request for mortgage ... In order to facilitate and streamline the short sale process, please ask the Seller(s) to complete and sign all of the forms in this package.24 pagesMissing: MHA ? Must include: MHA In order to facilitate and streamline the short sale process, please ask the Seller(s) to complete and sign all of the forms in this package.That facilitate short sales and deeds-in-lieu of foreclosure.the borrower's request to be considered for HAMP, HAFA or another MHA program (including,. South Carolina has not adopted the revised Article 1 definition of security interest necessary to make Article 9 apply to sales of promissory notes. The main activity under MHA is the Home Affordable Modification Program. Other programs under MHA include: Principal Reduction Alternative (PRA), assists ... Get a Property Valuation Analysis · Get a Hardship Letter · Contact the Lender for a Short Sale Application · Prepare the Sales Contract · Assemble ... Completed directly to your mortgage lender and write loan number at the top right corner of each page: o Hardship letter explaining exact date when hardship ... Borrowers who successfully complete a deed-in-lieu or short sale willNorth Carolina, South Carolina, Ohio, and Oregon based on a formula that uses the ... Additional Information. MHA Application Activity by Servicer. 7. Dodd-Frank §1483(b). Transactions Reports. 8. EESA §105(a)(3)(C,D,G). Investment Programs. A complete workout package is the first step in requesting ServiSolutions tothe terms of my mortgage loan, short sale or deed-in-lieu of foreclosure.

South Carolina MHA Request for Short Sale

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