…what do I give them? I have a client that gave me his whole bankruptcy folder. I have all the financials that I could ask for but I don’t want to fax all these to the bank, and I sure don’t want to give away his personal info. Should I send a summary of my own or copies of the actual documents?
Thanks
If Countrywide, the following information is requested:
Listing Agreement
Purchase Contract
HUD/net sheet
Letter of Authorization
Bank Statements (2 months)
Tax Returns (2005 & 2006)
Letter of Hardship
Proof of Income (two paystubs)
Financial Statement (income vs. expenses)
Most mortgage insurance companies & investors require this information to be sent-- Fannie Mae, FHA, Wells Fargo…
If I have to submit to an investor or MI company everything is coming back requiring a promissory note.
So, yea if they want financials they don’t want your summary, they want the docs themselves. If you want the bank to consider taking a loss you’re going to have to share his personal info or no deal-- it’s often the customers that won’t provide these docs that are not in a real financial hardship but rather just don’t want the property any longer.
Thanks for the answer, It actually is countrywide. My client has a good job but a load of debt. He is filing bankruptcy now. So I should probably scratch out the account numbers before I fax, right?
If the loss mitigator just said “give me the financials”, they probably got a hint that you’re new to this and are jerking you around.
Ask them for a short sale package checklist. They’ll give you everything you need by name. When you receive the list, go through your client’s documents and put together the package ONLY of items the bank requested. NEVER give them more than they ask for.
:bobble
If you want to scratch out the account numbers, that’s up to yourself & the borrower.
Be aware if borrower does file bankruptcy the short sale can not be completed until this is dismissed, discharged, or CW gets the relief which can be quite time consuming and often takes a month or more. The bank has to close out the short sale request until this is received- so you might advise the guy to hold off on the bankruptcy until the short sale is fully completed (wire rcvd & all the way through claims-- I’ve heard of files that the day of close of escrow the borrowers filing bankruptcy and the sale being voided)
If a bankruptcy code is not already on the account (once the bankruptcy department is notified of a BK) and he does file, it will show up in the credit report which the negotiator monitors throughout the short sale process.
Best of luck…
Just to give you a heads up I am doing a SS with Country Wide right now and it all depends on who you are working with…Most lenders will as for the
Listing Agreement
Purchase Contract
HUD/net sheet
Letter of Authorization
Bank Statements (2 months)
Tax Returns (2005 & 2006)
Letter of Hardship
Proof of Income (two paystubs)
Financial Statement (income vs. expenses)
I started this deal as a loan modification with the intent of Lease Optioning the property…Well the deal ended up turning into a short sale (long story)…So when I asked Country Wide do you want the normal docs and went into P&S Hud1 so on. They came back and said just send P&S with Hud1…after I faxed that it was only 2 days till I got a call from the BPO and meet with them today…So if the case has not been assigned to someone yet I would try talk to some one else or just send everything but the Financial information…By the way if you need a blank Financial statement let me know I can send you the one I use. Well I don’t know how much that helped but I think it’s good to get info out because this job is always changing.