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We are a homeowner advocacy group with more than a decade of helping homeowners and professionals with mortgage assistance negotiations. The information found on this page is for educational and convenience purposes only. Consult your mortgage servicer directly or a professional before using any of the information found on this site. If required you may be referred to a local professional or legal counsel for additional assistance with your mortgage.
Please read through our Disclaimer page for additional details. We do not represent in any way any financial institution named on this page. If you feel that any of this information has become outdated or is incorrect please contact us immediately. No Mistakes! First Name. Instant Access. Short sale is a common occurring but still a very few professionals in the market know how to properly deal with it. So, it is very important that you find the right person for the job.
We have got a great team of professionals ready to help you if you have not been able to figure out where to turn to. Click here to request a call from a short sale pro or call The next important step you have to do is to get your property listed to keep the process going smoothly.
It is not usually allowed by the lender to just bring an offer to them. If you want to move forward with the process than this process should have been completed properly. The first document required to get your short sale going is the listing Agreement. Pro Tip: Many lenders will require you to list for a minimum of 5 days and a weekend before accepting an offer.
NOTE: Seterus Bank Mortgage may sometimes prequalify you for the short sale and even tell you to what to list the home as in some cases. Know that all of this is misleading because when you get an offer they will still need to do a full and standard short sale review. A typical short sale is like an ordinary sale but in this case the offered amount is not enough to pay off the debts taken against the property. It is impossible for any lender to review your application unless you have an offer on the property.
The thing that the lender wants to see from the offer is that what will be the net amount that you are making them after the costs have been deducted from the amount. Patience is the most important quality a buyer should have. A buyer willing to wait is in the long run better than an all cash buyer and the buyer whose offer is more than the others. Your broker needs to interview the potential buyers to make sure they are a good fit. The broker representing the buyer is as important as the buyer.
It has been seen that some brokers mislead the customers by advertising that their previous short sale was approved by Seterus Bank Mortgage because even if it was previously approved and all the terms were met they will still need to make a full review.
Pro Tip: Lenders can only review one offer at a time. The process can be hard and have a lot of hoops to jump through. Make sure you choose the one most likely to close.
The highest offer is not always the best offer. Mostly the documents required are same for every lender. As a short sale seller they require you provide your financial information such as a monthly budget, your tax returns for the last two years along with a t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a short sale, and a hardship letter.
It can only be confirmed whether you qualify for a short sale or not after completing a valuation. In most of the cases an agent completes a valuation. Qualities and features of properties which are similar compared by the agent. They consider the homes perceived condition, the size of the living space, the size of the lot, how many stories it has and whether or not it has a pool.
They will also consider market conditions and how fast homes are selling in the area. There are many factors they take into consideration. Sometimes the investor will need a deeper view in which case they will get an appraisal. Appraisers have specific licenses that are for valuing properties. The type of value completed varies from lender to lender and investor to investor.
Sometimes a value returns too high then what? No matter how hard you try and meet regularly with the broker but still they compare properties that have nothing in common because they are not from the area and this happens often and to both rookies and experts alike. Often values are good from the day they are completed for 90 days; Sometimes longer. This is the time when the undersigned will decide whether approve your short sale and present it to management or not to forward your file.
In most cases there is an auditing process before submitting the file to management and if approved there is often another auditing process the occurs before an approval letter is issued. This can also be the time when the undersigned may not like the terms and may issue a counter to your application or may even reject it. A person needs a very unique set of skills to compete with either of these situations that can be gained only by experience.
Escrow of a short sale is just like a typical escrow process once all the lien holders have given their approval than you will be allowed to move forward. A title search is issued before this time to ensure everyone with an interest in the property is dealt with.
What if the approval letter expires and we have not been able to complete the short sale process? We get this question all the time and honestly, there is not a simple answer to this. It depends on delinquency of the mortgage, whether the value they have expired, and many other details.
Strike that. Within a few days of having all the approvals in line you should be able to tell whether or not this buyer is going to really perform. The right professionals apply pressure to all the parties involved to ensure the transaction gets done! If you want to sell your property on time then we have a great team of professionals willing to work with the local broker to do this.
If in the end short sale does not close then we will get nothing out of it. In most of the cases the seller does not have to pay anything out of their pocket as we get our payment from the amount paid to the brokers involved in the deal. Call for details The Seterus Bank Mortgage Bank short sale package is not an easy document.
We can provide you any kind of help you need with all the challenges related to Seterus Bank Mortgage. We will become the only point of contact you need if you work with us in completing your short sale with Seterus Bank Mortgage from start to finish.
Call Us Today. Checking if the package is the latest one is extremely important; It is always better to check with a professional first. We provide mortgage servicers mortgage assistance package, forms, and applications to for educational purposes only. This is a sample document used to obtain mortgage assistance relief workout programs with your mortgage servicer.
Prior to completing the form contact your your client's Mortgage's servicing department OR one of our professionals at to make sure they are sending the right loan modification or short sale package.
Your home loan servicer, whether dealing with a Home Loan Modification or Short Sale mortgage settlement, short pay off or discounted payoff RMA Package offered on this website may not be the correct package depending on your investor.
By downloading this RMA Request for Mortgage Assistance from our website does not guarantee loan modification assistance or any other mortgage relief programs to try to avoid foreclosure through mortgage servicer, its agents, employees, affiliates or subsidiaries. Prior to the use of any documents you should consult an attorney.
This is a demo store for testing purposes — no orders shall be fulfilled. Download Forms Here. Don't Miss A Step. Other Mortgage Programs It may not be too late to try other options. Mortgage Programs. Click For Form. Modification Info. Short Sale Info. Connect Me Now! Limited Time Offer Coupon! Find A Pro. Find A Buyer Fast. Previously Approved Short Sales Previously Approved Seterus Bank Mortgage Short Sale It has been seen that some brokers mislead the customers by advertising that their previous short sale was approved by Seterus Bank Mortgage because even if it was previously approved and all the terms were met they will still need to make a full review.
The wrong information can hurt you! Find Seterus Bank Mortgage Negotiator. Step 5: Finalize Short Sale Terms. Seterus Bank Mortgage Short Sale Counters Seterus Bank Mortgage Counters Short Sale This can also be the time when the undersigned may not like the terms and may issue a counter to your application or may even reject it.
Step 6: Closing A Short Sale. Contact Us. Call Us. Property Information In this section you have to fill the property address, mailing address and details about homeowners association HOA fees. Household Assets This section will require that you fill out all the details of all the assets currently owned. Borrower Certification This section lists the terms and conditions for your application for mortgage assistance.
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Seterus Bank Home Mortgage Short Sale Application, Forms And Packages
Seterus is a mortgage servicing company that happes to handle a large volume of Fannie Mae backed notes. If you are processing a short sale and the 1st lien holder is Seterus and the note is Fannie Mae backed then they will require the file to be processed directly with Fannie Mae through their Homepath system. The Homepath system is designed to be an online platform to communicate with Fannie Mae. Under certain circumstances you will be able to facilitate a short sale through the Homepath platform and this is also where you would go when you need to contest a value completed by Fannie Mae. If you are unsure if the investor on your loan is Fannie Mae one way is to complete a Fannie Mae loan look up online. If the loan servicer is Seterus and the investor is truly Fannie Mae you will need to ensure the seller completes a Fannie Mae authorization letter in order for a 3rd party to open up a case in the Homepath System to get the short sale review underway. If you have any questions in regards to anything short sale related, please fill out the contact form below and you will be contacted within 24 hours.
We are a homeowner advocacy group with more than a decade of helping homeowners and professionals with mortgage assistance negotiations. The information found on this page is for educational and convenience purposes only. Consult your mortgage servicer directly or a professional before using any of the information found on this site. If required you may be referred to a local professional or legal counsel for additional assistance with your mortgage. Please read through our Disclaimer page for additional details.