Stanislaus County Short Sales - Why do I Need All That Personal Information?

Stanislaus County Short Sales - Why do I Need All That Personal Information?

When you decide to sell your Stanislaus County home in a Short Sale there will be several forms that I will ask you to fill out. Some of them will be required by your lender and some are forms that I require. As a Stanislaus County Short Sale Agent I have learned a thing or two about how to make the process go a bit smoother.

One of the forms I will have you fill out is a Statement of Information. This form asks for a lot of personal information about you. This Statement of Information goes to the title company and not to your bank or lender. You might be wondering why I want all this information. The short answer is because it establishes who YOU are. You might ask why is that important.

In Stanislaus County there may be a bunch of people with the same name as you or a similar name. What this form will do is establish which "John Smith" you are. The reason this is important is because sometimes there are mistakes in county records. There may have been a judgment filed against a "John Smith" in Stanislaus County but it was not you. Unfortunately someone made a mistake at the county records office and now that judgment is showing up as a lien against your home. This happens more often than you might think.

I recently had a client that I didn't think had a very common name but there were actually several hundred liens and judgments in the county in his name. Fortunately none were filed against him. But, we did find an old line of credit that he had paid off that still showed as a lien against the property. We were able to get it cleared up within a few days. That is a good example of why I get you to fill out this form right away.

In a short sale once we have an approval from your lender to go ahead with the short sale there will be a definite date of expiration for the approval. If we are to find out about a lien against the property after we have the approval it could seriously delay the process. Many times banks will not extend the short sale approval expiration date because they have a foreclosure sale date set a few days after the short sale approval expires. So if we know about all liens and judgments well ahead of the short sale approval we can get them cleared up or removed (sometimes) before we get in a time crunch.

If you are in Stanislaus , Merced or San Joaquin Counties and are facing a foreclosure and are not sure what to do give me a call. I will be happy to answer your questions and let you know what your options are. I look forward to hearing from you.