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Short sale prequalification questions

As a Certified Distressed Property Expert, I am obligated to to help homeowners who might be underwater with their mortgages and who seek an alternative to foreclosure.

CDPE

Here’s a quick list of the basic questions that I need to know in order to determine if someone is qualified.

Owner names and contact info
Married or not?
Property Address
Property Information
Home previously on the market? If so, how long? Price?
Previous MLS#
Is property occupied? Address if not living in property
Mortgage Company: 1st and 2nd mortgage holder, what Type of Loan FHA, Conventional, VA, etc.
Loan for the # 1st and 2nd (if any) mortgages
Primary name on loan – who else is on loan?
How much is owed per loan for a current payoff: 1st $ 2nd $
Do you have a copy of your most recent mortgage statement?
Is the mortgage past due? If so, how many months?
Is there a foreclosure date set? If so, when?
Do you have copies of the foreclosure paper work?

Is there a bankruptcy or other lien(s) on property? If so, type/lien holder?
Have you requested any re-financing/loan modifications with your lender?
Is there a Homeowner’s Association? If so, Name/Amount due currently/When due?
What are the reasons for default on the loan? Divorce, Death, Medical issues, Job Transfer, Loss of Income, Increased Expenses, what else?
Do you want to stay in your home?

What will you do after you sell?

Simply put, all of this information only matters if you have a legitimate hardship that a lender will consider. Here’s the basic hardship statement:

I can no longer afford to make the mortgage payments on this home. I have to sell my home and based on market conditions, and my personal financial hardship, I have no alternative but to seek a short sale.

Now, if you are reading this and if you are considering a short sale, anywhere in Georgia, then please call me  – I can probably help you with the next steps.

I assure you that short sales are in season, and that banks prefer to complete a short sale over a foreclosure in most cases…

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