Before enlisting the services of a prevent foreclosure in Los Angeles company, it would be helpful to note that a package for the lender must be prepared before you can short sale your home. It provides information showing why you can no longer make payments on your mortgage, that the value of the property is less than it's mortgage and why the bank should accept the offer on your home. It basically includes all the paperwork needed for selling a house in preforeclosure.
Your realtor or investor will be the ones responsible in making sure that only the relevant items are included in this package. As a standard sales contract between you and the home buyer, the Standard Purchase and Sales Agreement & Escrow Instruction is usually included. Another is the Authorization To Release Information that your realtor or a real estate investor you work with will need you to sign this document stating that you permit the mortgage company to share information with them. What it does is it lets the realtor deal with the bank with all your privileges, as if you're the one dealing with them personally.
Also prepare a hardship letter, which explains in detail why you are unable to make payments on the mortgage. This would take into account the causes of your financial difficulty like if you had a medical condition, if you were laid off from work, if you just got through a divorce and other possible causes. Provide additional proof as well aside from the letter, like copies of pay slips, which would show that your salary is not a substantial amount to cover the mortgage. Afterwards, the prevent foreclosure in Los Angeles team will help you with the short sale will get you to sign the Letter Of Agreement and Addendum which is a disclaimer that although they're working with you and the bank to prevent foreclosure, they're not promising anything in case things do not go as planned.
To ascertain that you are indeed the owner of the property you would need to produce a Copy of Warranty Deed. In the event that an investor has already made payments on your property, acquire a Trustee is Making Payments Letter to be included in the package and keep your home out of foreclosure. Payments will be coming from the offer price or selling price tagged for your home. Among these required documents is the Residential Real Estate Disclosure and his document discloses any defects in and damage to the property which benefits both parties since it prevents anyone from claiming they weren't aware of certain problems with your home.
The realtor or investor can also throw in a few extras to expedite the process and help your case. Whether it is an organized cover letter summing up the contents of the short sale package or a few color photographs of damaged areas of your home these extras can go a long way in convincing the bank to short sell a property. A Cover Letter, Proposed Closing Statement (HUD1), Market Value Estimate, Cost Of Needed Repairs, and a Notice Of Trustee's Sale can really help and go a long way in helping your cause. The last one mentioned in the list, A Notice of Trustee's Sale, will indicate any upcoming sheriff sale.
By being able to put together a well-thought package, half of the work is already done in getting prevent foreclosure in Los Angeles. This package is very important to a short sale. It contains both requested information and little extras to really exemplify the need for a short sale.
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