Kansas MHA Request for Short Sale

State:
Multi-State
Control #:
US-FORECL-09
Format:
Word; 
Rich Text
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.
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How to fill out Kansas MHA Request For Short Sale?

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FAQ

Disadvantages of a Short Sale A short sale comes with quite a few catches. There are more parties involved than a typical sale making the process complicated and often lengthy. In a traditional home sale, price negotiations happen between the buyer and seller (or their representatives), not the seller's bank.

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.

Can You Negotiate A Short Sale? It is entirely possible to negotiate a short sale, but doing so can be a time-consuming process. Instead of negotiating with the seller alone, as is the case with most traditional sales, short sale negotiations must be approved by the lender, too.

If you're planning to buy a short sale, you should talk to the listing agent. At the very least, before writing an offer, ask your agent to speak to the listing agent. You'll find different skill sets and education levels among real estate agents.

This is something that the buyer should discuss with their real estate agent. It's best to strike a balance between what's a good deal for you and what's reasonable for the lender. A price that's 5% to 10% below market value is typically a good number to put on the table.

To short sell a home, the seller will need to file a hardship letter with their lender stating why the mortgage can't be fully repaid, along with documentation such as pay stubs and tax returns. Typically, the lender will only agree to a short sale if the homeowner has only recently fallen on hard times.

Get a Property Valuation Analysis This makes the first step criticalthe value of the home must be established right at the start. It's easier to come to a price agreement with the lender when the home's value is close to the outstanding mortgage balance.

A short sale negotiator works on behalf of a seller to reach a short sale approval with a bank or other lender. The individual's job is to persuade the lender to agree to accept less than the debt owed on the mortgage in order to allow the short sale to occur.

The Typical Process This is the typical short sale process from the bank's end of things, once it receives the seller's package: They acknowledge receipt of the file. This can take longer than 10 days; sometimes, it is a month or more. A negotiator is assigned, which might take up to 30 days.

Offer a Strong Earnest Money Deposit.Check the Comparable Sales.Don't Ask for Special Reports or Repairs.Give the Bank Some Time.Assure the Seller You'll Wait.Offer to Pay the Seller's Fees.Shorten Your Inspection Period.Provide a Strong Preapproval Letter.

More info

If you can't afford your home and need to move into a more affordable situation, HAFA allows you to complete a short sale without as much of ... MHA request form completed, signed and dated by all borrowers.need to request a modification of the terms of my mortgage loan, short sale or ...Administrator by Ocwen after Defendant warrants that the data is complete andrequest for a short sale to the borrower or his or her agent within. On average the foreclosure process takes a year to complete.The short sale lender is aware of this fact and will apply the same principle to the offer ... 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 ... Collect a complete short sale package from your client.I am requesting a mortgage modification under MHA with respect to the rental property described ... In order for us to evaluate your Short Sale request, you must complete this packet, sign in allIRS Form 4506T-EZ Request for Transcript of Tax Return ?. I will continue to demand more accountability for servicers,On the short sale deed in lieu program, for example, if a homeowner goes to short sale, ... What the Listing Agent Should Know to Successfully Negotiate a Short Salethere is a formal short sale application, the seller will have to complete it. After the Notice of Trustee's Sale has been recorded, the homeowner can ask a housing counselor or attorney to request foreclosure mediation.

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Kansas MHA Request for Short Sale