Alternative To Foreclosure

Yes there is

Yes there is. Serendipity Group LLC presents Short Sale Solutions. Can this volatile housing market according to the experts by 2011 every other mortgage holder will be one hardship away from at the fork in the road that you are currently facing. Mortgage holders that are unsure of there options are more than likely to just give up and let there biggest investment go into foreclosure. As you can see the road leading to foreclosure is a long and dark road to recovery. The road to foreclosure leads to a much more devastating impact on your credit score which will result in higher interest rates on any current credit lines. For example your current credit cards and auto loans. Your home will be auctioned instead of being sold resulting in you owing your lender thousands of dollars to cover the difference. It could take years to be able to obtain credit. However there is another road that more and more educated homeowners are taking. What is a short sale? A short sale is a transaction in which a lender allows a property to be sold for less that the amount owed. The road to a short sale is a much shorter road to recovery. It eliminates the element of surprise. When you complete the short sale process you will know what the lender is expecting. In some cases the full deficiency is waived. Instead of being auctioned your house will be sold by a professional. By utilizing a short sale this will give you and your Accountant a clear accounting of what you owe on your home. This will speed up the process to be able to obtain credit in the future. The first thing you should do after deciding to sell your home through a short sale is choose an experienced professional company to mitigate with your lender on your behalf. Serendipity Group LLC is an experienced short sale investment company who will negotiate with your lender to get you the most favorable deal possible. With more than 10 years of real estate and lender experience we know what it takes to negotiate your short sale successfully. Serendipity Group LLC is currently processing multiple short sale transactions monthly so we have delt with every type of scenario possible. There is no up front cost and we only get paid if the transaction is successful. We continue to build our business one customer at a time. Another key ingredient in the short sale road to recovery is working with an experienced real estate agent who understands the short sale process. There efforts will include listing your property on the MLS. Also working with a network of buying agents to find a buyer for your home. They will also work with a network of lenders to help you get buyers approved for a mortgage. Your real estate agent will maintain close communication with Serendipity Group LLC and assist you in the completion of your short sale packet. The short sale packet and supporting documentation must be completed before any negotiations can begin with your lender. The short sale packet includes The Affidavit. This document must be initialed by the homeowners to show you understand the short sale process furthermore we are only paid upon a successful short sale transaction. The Hardship Letter. The Hardship Letter explains to your lender why you are unable to pay your mortgage be that a loss of a job, divorce, illness or death of a family member. The Authorization To Release Information authorizes our negotiator to speak to your lender on your behalf. The Financial Worksheet is a detailed picture of your current financial situation. Just fill in the blanks and well do the rest. Supporting Documentation needed to submit a complete short sale package include the following. 2 most recent pay stubs matching the figures on the financial worksheet. 2 of the most recent monthly bank statements. The bank statements must include your name and address. W2s and tax returns for all borrowers for the last 2 years. A copy of the most recent mortgage statement. If you have lost or thrown away this item you can print this online by visiting your lenders website. A copy of your drivers license and social security card for each borrower. The short sale process can not begin without a buyer so contact your real estate agent which will finalize the package with the Purchase Agreement and the backup documentation. One of the biggest questions that comes up on a day to day basis is how long does the short sale process take? The short sale process is dynamic and varies from lender to lender. The honest answer is 90-120 days. In the final segment we will show you all the work we put in to the process and what you can expect during the final stretch of your road to recovery. The first step in the short sale process involves submitting a complete short sale package including the Purchase Agreement to Serendipity Group LLC for processing. Mitigation cannot begin until a complete package has been submitted. This takes approximately 14 days. But the sooner you can fill out and submit your documentation the quicker the processing begins. Once the complete short sale package has been submitted to Serendipity Group LLC it is forwarded to your lender for their review. The lender review takes approximately 7 days. It is important to note that once the package has been sent to your lender Serendipity Group LLC will contact the lender every 4 days until the file is closed just to follow up and check the status. All parties involved in the transaction including the listing agent and the sellers are emailed when updates occur with the file. After your lender reviews the file the will order whats called the B.P.O. The B.P.O. stands for Broker Price Opinion. Your lender will hire a local 3rd party to evaluate the current value of your home based on the current market conditions, Geographics, and current conditions of your home. The BPO will help the lender determine what your home could be legitimately be sold for in this current market. Completing the BPO takes approximately 60 days. Once your lender completes the BPO the negotiations really begin. Your lender will contact Serendipity Group LLC with the BPO they have accessed to your property and our mitigation specialist will begin to negotiate a price that is most beneficial to you. The negotiation takes approximately 20 days. After extensive negotiating the Preliminary Agreement is reached and the lender sends the price they settled for to Serendipity Group LLC for review. This takes approximately 15 days. The Preliminary Agreement is then put into writing and signed by Serendipity Group LLC and the lender. This takes approximately 7 days. At this point the buyers financing should be finalized. After the written agreement is signed by both parties you are free to sell your home. Congratulations your patience has paid off. We hope that you have found this article to be both informative and inspiring during this difficult time we would appreciate the opportunity to guide you through your road to recovery.

by: Jim Pullara

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