OK so this is my first official Short Sale Negotiation. I have represented the buyer on a couple of other S.S. deals but this is the 1st where I am negotiating with the bank. Call it my first then.
I have a pretty comprehensive grip on the deal and this is the gist of it:
Owner is on title not on the loan (He got a friend to put financing in his name)
Seller is not on title but on the loan.
Both occupy the property.
They just can't make the payment any more. The house is upside down and they want to sell it fast.
I have a buyer with Fannie Mae Approval as of right credit score
I have the following documentation prepared so far:
- Listing Agreement
- Purchase Contract
- BPO Comps done by my Appraiser
- Loan Commitment by Buyer
- Seller Financial Statement
- Hardship Letter
- Estimated Sellers Proceeds
- 401K statement
- CAR Ca. Assoc. of Realtors PAA form short Pay box checked
- And quite a few other miscellaneous disclosure to cover my butt.
Questions: What happens to the sellers 401K Approx. 22K Value?
Should I send the lender Fremont a (signed not notarized) quitclaim deed releasing the property back into the name of the Seller (From the Owner)
The Seller has no Bank Account or Has not filed taxes for the last two years. Fremont is requesting them both should I send a IRS form 4506-T request signed also to speed things up and prove that the seller has not filed taxes? He has had no income essentially since he has ultra-disabled.
Do I need to prove that he has no bank account? How do I do that?
Fremont is requesting a Cash contribution? Why and will they snake from his 401K?
Also my Hardship letter is pretty sad outlining a sizable amount of issues. Should I send proof of each issue somehow.
The original pPerson I was told to work with was Ted Griggs
But I just got their package yesterday with a Loss Mitigator named Gabriel Amaya 866-484-0291x.5367
I've got the package ready to go that have requested from me. (consisting of the solid bulet points above) and was hoping to get some more insight before I sent it off. Any advice from soemone who has been in the trenches with Fremont lately or more specifically with the characters listed above? Let me know if I am talking to the right person etc. and that kinda thing. Thanks again.
Gonetodocs