New York MHA Request for Short Sale
Description
How to fill out MHA Request For Short Sale?
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FAQ
An NY short sale is the sale of real property where the amount of proceeds from the sale isn't enough to cover the amount of a mortgage or other debt on the property. This leaves the bank or other lender holding outstanding debt from the sale, but prevents a foreclosure action.
A short sale can take up to six months to be approved because many factors can slow the process down. You might be able to reduce the time it takes to be approved by asking your agent for some information before making an offer.
Banks may reject offers when the price is low, the seller or buyer doesn't qualify, the application is incomplete, or the loan has already been sold.
The Pros and Cons of Buying a Short SaleShort sales can take a long time.They are sold as-is.Make sure the lower price is really worth it.The good deal factor can be influenced by the market conditions.Less competition.Don't overlook needed repairs.Home inspections are a must.More items...?
An NY short sale is the sale of real property where the amount of proceeds from the sale isn't enough to cover the amount of a mortgage or other debt on the property. This leaves the bank or other lender holding outstanding debt from the sale, but prevents a foreclosure action.
7 Disadvantages of Buying a Short SaleLong Process.Subject to the Mortgage Lender's Approval.Lender Could Counter, Reject or Not Respond.Opportunity Cost.Property 'As Is'Is the Seller Approved?Lenders Prefer All Cash or Large Down Payments.
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.
If, by chance, you're able to beat out the competition without offering too high a price, you'll still have to wait on an approval from the bank. And, that approval may come in a week or it may come in six monthsif it comes at all.
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.
Step 5: If the contract is approved, the short sale property closes and the home is transferred to the new buyer. The lender receives all proceeds from the sale of the property and releases the original homeowner from their mortgage loaneven though the full mortgage balance was not paid off by the proceeds.