Information for Homeowners
Important steps for Homeowners applying for short sales:
- FIND OUT IF YOU HAVE A GOVERNMENT LOAN.
Knowing the investor on your loan is an important first step in the short sale process. There are several government programs including, VA, Fannie Mae, Freddie Mac, and FHA, which provide guidelines for your loan servicer to streamline the short sale process. (These programs also may provide a cash payment to you for completing the short sale). Let one of the Attorneys at Adams, Morris and Sessing assist you with finding out early what government programs you may be eligible for and ensure you follow the proper process for your type of loan.
- WHAT DOES YOUR LENDER REQUIRE TO PROCESS YOUR APPLICATION?
Each lender has different requirements, such as what documents go in the short sale package, and whether you may submit an application if you do not have a buyer for your home. Let one of the Attorneys at Adams, Morris and Sessing assist you with contacting each of your lenders to determine what will be required so there are no delays.
- LET US GET YOU INFORMED ABOUT SHORT SALE PROCESS.
During the short sale process, you will have to make many important decisions along the way including setting a listing price, knowing when to reduce the price, figuring out if you will face a deficiency and understanding the tax implications of a short sale. If you don’t understand how the short sale process works, it will be challenging to make the best decisions. An initial consult with an attorney from Adams, Morris and Sessing will provide you with the necessary information to make an informed decision on how you want to proceed.
- MAKE SURE EVERYTHING YOU SUBMIT IS COMPLETE.
From using the correct forms to sending all pages of a document, the Attorneys at Adams, Morris and Sessing make sure everything that we submit to your lender is complete. Missing documentation from your short sale package, or portions of forms that are left incomplete will cause delays and the documents will be returned to you for resubmission.
- BE PREPARED TO MAKE MONTHLY SUBMISSIONS OF FINANCIAL DOCUMENTS.
Your lender will require updated financial information to be submitted each month while they are reviewing your file. The attorneys at Adams, Morris and Sessing will remind you each month to submit your updated financial information, such as pay stubs, bank statements, so that your file remains current and we avoid unnecessary delays.
Will they use their collective experience to make the whole process move forward more quickly – they also will help you to understand long-term implications of your short sale, for example whether or not your lender is forgiving some of your mortgage debt, and whether you may owe any income tax on the forgiven debt.