Posted by foreman on January 21, 2005 at 17:31:31:
it should take you about a week to to put a shortsale package together and fax it to the lender It is up to the lender whether or not they will stop the sale
Georgia short sales… - Posted by Tom B (GA-FL)
Posted by Tom B (GA-FL) on January 21, 2005 at 15:01:09:
Anyone with experience doing short sales in GA?
I keep running out of time because our foreclosure process is so quick. How do you work within the time period that we have to deal with?
Re: Georgia short sales… - Posted by Atlanta_bob
Posted by Atlanta_bob on January 21, 2005 at 21:23:30:
Hi Tom B(GA-FL):
When you get an Authorization to Release Information (ATRI) from the Seller-in-foreclosure, call the Seller’s mortgage company and get the name of the person who is handling the foreclosure (Think: Loss/Mitigation Department). Ask that contact person for thier FAX number, then FAX the ATRI to them with a cover letter (include your phone number and your FAX number) that requests they send you a short payoff package and to delay the foreclosure so you can buy the property. Some mortgage lenders want to see a Purchase & Sale Agrement with the FAX. That way, they have some basis for delaying the foreclosure until the following month. Wait one day so they can enter your name into their computer system, then call your contact person and discuss your plans to buy the property as a short payoff (i.e.: short sale). This approach usually results in the mortgage lender delaying the foreclosure until next month. During that next 30 days, the mortgage lender will send you (via FAX) their short sale package, which you should fill-out with the Seller and re-FAX back to your contact person in Loss/Mitigation. Once they review your FAX, they will decide if they will cancel the forclosure and proceed to order a BPO, thereby starting the short sale process.
Hope this helps.
Atlanta_bob
Re: Georgia short sales… - Posted by foreman
Posted by foreman on January 21, 2005 at 17:33:07:
it should take you about a week to put a shortsale package together and submit it to the lender. It is up to them whether they will stop the foreclosure long enough to you to buy