Illinois MHA Request for Short Sale
Description
How to fill out Illinois MHA Request For Short Sale?
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FAQ
Obtaining a lender's permission to allow a short sale usually requires four particular items, including:A letter of hardship explaining why the borrower defaulted on the mortgage;Evidence that the market value of the property is less than the amount remaining on the mortgage plus closing costs;More items...?
For a sale to be considered a short sale, these two things must be true: The homeowner must be so far behind on payments that they can't catch up. The housing market must have gone down so much that the house is worth less than the remaining balance on the mortgage.
Alternatives to ForeclosureLoan Modifications. Probably the most common alternative to a foreclosure is a mortgage loan modification.Forbearance Agreements and Repayment Plans.Reverse Mortgages.Short Sales and Deeds in Lieu of Foreclosure.Mortgage Assumptions.Bankruptcy.
Understanding How to Buy Short Sales in Illinois. A short sale is when a homeowner makes an agreement with their mortgage lender to sell their house for less than what is owed. The homeowner doesn't usually get a penny out of the deal, but they also sidestep the foreclosure process.
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).
A short sale transaction occurs when mortgage lenders allow the borrower to sell the house for less than the amount owed on the mortgage. This helps the home seller by allowing them to avoid foreclosure. Short sales are less damaging to a credit report than a foreclosure.
A short sale is sometimes denied due to something as simple as the seller being current on paying their mortgage. The bank's guidelines might state the bank isn't allowed to approve a short sale if the mortgage payments aren't in arrears.
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.
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.