The Seller must seek, qualify for, and obtain short sale approval from the mortgagee(s). The first step in what can be a lengthy process (45 days to 90 days or more) would be for the Seller to contact the mortgagee. The Seller will have to present financial documents confirming economic hardship, plus a convincing argument that a short sale would be mutually beneficial to both mortgagee and mortgagor.
Posted by Chopper C. on January 08, 2001 at 03:51:34:
I want to ask for a short sale on a property that the owner has agreed to sell to me. Ocwen financial holds the mortgage. Who should i contact ? What should i ask them ? Is a short sale normal ? I just figured i’d call them and offer them an amount less than what is owed. Whats the protocol on short sales ? Thanks a lot.