So, what is the short sale process like?4

Be aware that lenders are overwhelmed, not only with the volume of short sales they are trying to process, but by the sheer volume of the paperwork required for each sale.

To assist in having your file completed in a timely manner, we strongly suggest that you have the following documents available upon submission of your contract:

Last two pay stubs

Last two bank statements

Last two years of tax returns and W2 Statements

Authorization Form (included) 4506T (included)

Signed and dated hardship letter, asking the lender to do a short sale

and outlining the reasons why you are no longer able to make

your mortgage payments

If you are self employed, you will need your most recent

Profit & Loss Statement

You will also be required to complete your Lender????????s financial

statement form, so this would be a good time to gather together

your financial information so that it is readily available.

You will want to hold aside your pay stubs and bank statements as you receive them. Lenders frequently ask for updated information, and having it at hand will keep the process moving along.


What are the steps in a short sale?

Once your purchase and sale agreement has been signed, the contract and the financial information listed above are submitted to the lender.

The lender then determines what type of loan you have and how to best process the loan.

They then begin gathering additional information from you, the Seller, as well as from their own records.

The Lender will order an appraisal or BPO (Broker????????s Price Opinion) to determine the fair market value of the property.

They will review the terms of the contract and the ability of your Buyer to qualify for their funding or the sufficiency of the Buyer????????s funds to pay cash.

The Lender will also review your financial ability to perhaps sign a Note for any balance forgiven or possibly pay a small amount at the time of closing.

If you have mortgage insurance on your loan, the mortgage insurance company will also review this information.

Sometimes, we are working with a servicing company during this phase of the short sale. Once they have reviewed this information they may accept the offer ???????as is??????? or they may present a counteroffer.

Once the servicing company and you, as the Seller, agree to the terms, the offer is presented to the Investor (who owns the loan) for final approval.

Once the offer is approved, a final Approval Letter is received and will be forwarded to you for review and acceptance of the terms therein.


What is the time frame for a short sale?

We wish there was an easy answer to this question! The short answer is that the faster we can get complete and accurate information to the lender, the faster they can review the file and come to an ultimate decision. The more parties there are involved in the decision (e.g. a Loan Servicer, an Investor and a Mortgage Insurance Company) the longer the process can take. On average, plan on the full process taking a minimum of two to six months to complete.


How do I pay for closing costs and legal fees?

You will not be asked for payment up front for these services, nor will you be expected to pay any shortfall in our fees if they are negotiated down by the lender. Should you choose to work with another attorney, simply let us know and we will coordinate the details of your closing with their office.

We hope we have addressed the basic questions you may have regarding short sales. We welcome you to contact us regarding specifics of your situation, and we look forward to assisting you with your short sale!

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Thanks Judith and your team for your service, effort and good communication.

Greatly Appreciate it.

Kathy, Angela and Maritza Montenegro.

Hollywood, Fl.

Judith Thank you so much for all the help with my short sale. I feel like I can actually breathe again!

We would highly recommend them to friends and family. They really do "help people sleep again".

Once again thanks for your excellent service.

Elizabeth Cabral

Miami, FL

Dear Judith, Marilyn and Team

Thank you so much. You guys have been great throughout this short sale process, and made very easy

for us. God bless, and hope to see you soon." Should we ever consider moving from our new home, it

would be without hesitation to once again ask you to represent us.

Eridania de la Cruz

Miramar Fl.

To Judith

Judith and team thank you very much, great work we really appreciated.

Good job.

Rick Scrabis

Miami Fl.

Judith agradecemo de especial manera todo el esfuerzo realizado por ustedes , Nosostro sabemo lo

duro y complicado que fue nuestro cierre, de verda agradecemo el esfuerso y la Buena voluntad y

paciensia que tubieron con nosotros, tambien gracias por la Buena comunicacion de su personal.

Sigan trabajando de esa manera y el senor lo seguira vendiciendo.

Tite y Olga

Wellington, FL

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