What should I write to loss mitigation

[Val V/Miami Scrapbook Group]

department? I'm going to submit a written offer for a property to the loss mitigation dept., in my letter I would like to explain that I'm submitting the offer for that amount because of current market conditions. What should I write?

[877YouKeep]

Writing a note or page to the Loss Mitigation department is not nearly as important as the BPO, that is truly the key to Short Sales check out this site To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.

[877YouKeep]

Originally Posted by Val V/Miami Scrapbook Group

department? I'm going to submit a written offer for a property to the loss mitigation dept., in my letter I would like to explain that I'm submitting the offer for that amount because of current market conditions. What should I write?

You need to submit the offer and hope you get a favorable BPO a mitigator does not care what you write. Conditions are determined by BPO or Appraisal.

What you need to submit an offer for a Short Sale
1. A Contract
2. A HUD 1 Settlement Statement
3. Financials
4. LOA
5. Bank Statements
6. Paycheck Stubs (Proof of income) or P&Ls
7. Tax Returns

unless you send a good joke you are one of 150 files sitting on their desk,

a joke that is a novel idea, think I will implement.

[Tina-FloridaRealtor]

Forgive me. Perhaps I am asking this without thinking hard first, but what is 4. LOA?
List of assets, perhaps? Also, what is 6. P&L's?
Thanks

[877YouKeep]

The LOA is a Letter of Authorization aka. Authorization to Release - allows a third party to speak to the mortgage company about details and specifics on an account

The P&L is for self employed homeowner the form is a Profit & Loss statement. Give a break down of the company's financials

[Tina-FloridaRealtor]

Thank you!!!

[Gaby]

Send in your own BPO as part of the packet and if there is a comparable REO sold or comparable forclosure include that in the BPO as a narrative. When the lender sends out an agent to do a BPO ask that BPO agent if they'd want a copy of your work.

Gaby

[Gaby]

The Hardship Letter. That's usually hand written by the homeowner detailing how they got into their situation and supports the 1040 and w-2 (past 2 years) and latest 2 paystubs and 2 bank statements.

[877YouKeep]

Hardship letter does not make a difference whether hand written or typed, the lender will tack your BPO backwards in the file and not even take into consideration, the BPO or Appraisal that is sent from the vendor is the only one considered. You can request a BPO review if the BPo comes in too high but that is part of the negotiations