But, whether you intend to take on listings selling property short or not, it’s important to have an understanding of the process. Because first and foremost, if you have a Buyer who wants to purchase a new home and be moved in within 30 days or less, than you can not sell them a home owned by someone who is trying to sell short since that process takes anywhere from 1 to 5 months and could be denied. So the first thing you should be asking the listing agent before you make arrangements to show the property is whether or not the Seller owes more than the property is worth and if they intend the existing lender to accept a short pay.
Now, if on the other hand, you have a Buyer who wants to take advantage of this market and find an excellent buy, you may want to target these short sales...and the first step for a Buyer or investor is to get their financing arranged. They need to be pre-approved, not just pre-qualified. This means, all income documents, signed application and other disclosures. So call your favorite mortgage broker and they’ll arrange to give you the documentation you will need to submit along with the Contract For Sale and Purchase.
For those of you who want to market "short" properties and rescue the Seller(s) - you have some extra steps to take at the listing appointment and thereafter:
If all goes well, the Lender will approve your short sale, however be prepared for the Lender to renegotiate commissions. GOOD LUCK!
Loss Mitigation Contact Information
ABN Amro Mortgage Loss Mitigation:
Customer Service:
800-793-8900
Web: http://www.mortgage.com
Aurora Loan Services Loss Mitigation:
Customer Service:
800-550-0508
Claims Department: 800-723-6578
E-mail: ccnmail@alservices.com
Web: https://www.alservices.com
Bank of America:
Loss Mitigation: 800-846-2222 or
716-635-2000
Authorization Fax: 716-635-7265
Short Sale Package Fax:
716-635-7255
Bank of New York Loss Mitigation:
Phone:
212-495-1784
Fax: 212-415-2035
Cendant Loss Mitigation:
Phone: 800-750-2518
Fax:
856-917-8334
Chase Hone Finance Loss Mitigation:
Phone: 800-848-9136
(Mortgage)
Phone: 800-836-5656 (Home Equity)
Phone: 510-652-0401
Web:
https://chaseonline.chase.com
Chase Manhattan Mortgage:
Homeowners Assistance
Department (foreclosure)
Phone: 800-446-8939
Fax:
614-422-7259
Additional numbers
Phone: 800-981-3792
Fax:
858-605-3006
Phone: 800-526-0072
Phone: 800-527-3040 ext. 533
Chevy Chase Bank Loss Mitigation
Customer Service:
800-933-9100
Web: http://www.chevychasebank.com
CitiFinancial:
Foreclosure: 800-424-3562
or
800-423-8158
or 800-848-7491
Dial by extension: 800-888-6001
CitiMortgage:
Loss Mitigation:
800-682-2286
Foreclosure: 877-202-3846
Loss Mitigation:
866-357-6015
Loss Mitigation Fax: 248-488-7727
Workout Fax:
248-488-8357
Loss Mitigation: 866-357-0614
First American:
800-511-1278
Workout Fax: 636-256-2884
Countrywide Loss Mitigation:
Phone: 800-669-6607
Fax:
800-658-0395
Loss Prevention and Workout Department
Phone 1:
800-262-4230
Phone 2: 800-669-4576
Web: http://www.countrywide.com
Ditech Funding Loss Mitigation:
Phone 1:
800-852-0656
Phone 2: 800-449-8582
EMC Mortgage Corporation Loss Mitigation:
Phone:
800-723-3004
Web: http://www.emcmortgageservicing.com
Fairbanks Loss Mitigation:
Phone: 888-818-6032
or
801-270-7713
Fax: 904-232-4607
First Horizon Home Loans Loss Mitigation:
Phone:
800-707-0139 -- ext. 17305
GMAC Loss Mitigation:
Phone: 800-850-4622 ext. 54424
Phone: 866-974-4622 (subprime loans)
Home Side Loss Mitigation:
Phone: 904-281-3900
Homecomings Loss Mitigation:
Phone 1:
800-206-2901
Phone 2: 858-874-7417
HSBC Mortgage Corporation Loss Mitigation:
Collection
Counselors (if short term problem)
Phone: 800-338-6441
Default
Resolution Team (if long term problem)
Phone: 888-648-3124
Fax:
732-352-7519
Web: http://www.us.hsbc.com
Indymac Bank Loss Mitigation:
Loan Resolution
Department: 877-736-5556
Web: http://www.indymacbank.com
Irwin Mortgage Corporation
Phone:
888-444-6446
Pre-Foreclosure: 888-218-1988
Web: http://www.irwinmortgage.com
Litton Loan Servicing Loss Mitigation:
Phone 1:
800-548-8665
Phone 2: 713-966-8803
Fax: 713-966-8820
Web: http://www.littonloan.com
National City Mortgage Loss Mitigation:
Phone 1:
800-523-8654
Phone 2: 937-910-3563
Web: http://www.nationalcitymortgage.com
New Century Mortgage Loss Mitigation:
Phone:
877.206.9904
Web: http://www.newcentury.com
Ocwen Loss Mitigation:
Phone: 800-746-2936
Option One Mortgage Loss Mitigation:
Phone:
888-275-2648
Web: http://www.oomc.com
PHH Mortgage Loss Mitigation:
Phone:
800-257-0460
Web: http://www.phhmortgage.com
Saxon Loss Mitigation:
Phone 1: 262-502-6724
Phone 2:
817-665-6537
Phone 3: 414-278-8068
Select Portfolio Servicing Loss Mitigation:
Loan
Resolution Department: 888-818-6032
Fax: 801-293-3936
Web: http://www.spservicing.com
SunTrust Mortgage Loss Mitigation:
Phone:
800-634-7928
Web: http://www.suntrustmortgage.com
Wachovia Mortgage Loss Mitigation:
Phone:
866-642-8608
Washington Mutual:
Loss Mitigation:
800-496-9633
Collections Department: 904-281-3900
Foreclosure Department:
866-356-5789
Fax: 818-775-2010
Wells Fargo:
Phone: 888-231-0757
Loss Mitigation:
877-216-8448
Borrower Assistance: 800-551-9808
Borrower Counseling:
866-261-5642 or 800-766-0987
Payment Assistance: 800-678-7986
Foreclosure:
800-868-0043 or 800-352-7654
Web: http://www.wellsfargo.com
Wendover
Financial Services Loss Mitigation:
Phone: 888-934-1081
Phone:
800-436-1022
Web: http://www.wendover.com
Whitney
National Bank Loss Mitigation:
Phone: 800-347-7272