SOS L Services, LLC is a Loss Mitigation Company that specializes in short sales and Loan Modifications.
We would be happy to give a presentation to any realtors and/or brokers.
SOS L services has a proven process for success by giving all parties a clear process which is simple and easy to adhere to.
SHORT SALE PROCESS
•1. Determine client is in short sale - when the realtor goes for a consultation you will need to ask the client how much they owe on the mortgage - Based on your evaluation of the current market value you will then be able to determine if this will be a short sale.
•2. Contact SOS L Services for free consultation - Based on your analysis recommend they speak to a 3rd party negotiator. Please contact SOS L services to advise you are referring a client so that you can be part of the consultation as well as ensure you will retain the listing.
•3. Realtor Responsibilities - see upcoming blog
•4. An Offer is presented and accepted by SOS L Services - SOS L services must be included on any offer - A fair market offer is the best way to ensure that lender will accept and forgive the client of the deficiency balance
•5. SOS L Services negotiates with lender - Short sales can take 30- 120 days - Sometimes it seems like a lifetime but every lender is different and has their own policy & procedures for a short sale.
•6. Realtor to meet with Lenders Appraisal - After the short sale submission to the lender, they will require and request their own appraisal. The realtor needs to meet with this agent to ensure that they are aware of all "issues with property" as well providing comps can be helpful.
•7. Obtain a successful approval - Once short sale has been approved - SOS L Services will discuss approval with client and then review with attorney & realtor.
•8. Closing - SOS L services, LLC will co-ordinate with attorney to schedule the closing.
Nancy Schoen
SOS L Services, LLC
4 Nancy Court Suite 4
Wappingers Falls, NY 12590
P - 845-214-0282
F - 845-230-8639
nschoen@sosloanservices.com
SOS L Services, LLC is a Loss Mitigation Company specializing in short sales and loan modifications. We are a life preserver for those upside down in equity or drowning in their mortgage payment. With years of experience in negotiations, SOS L Services is here to help.
What is Loss Mitigation - a third party helping a homeowner that handles the process of negotiation between a homeowner and the homeowner's lender. Loss mitigation works to negotiate mortgage terms for the homeowner that will prevent foreclosure or negotiates a short sale.
Short Sale: This is a process whereby a lender reduces the principal balance of a homeowner's mortgage in order to permit the homeowner to sell the home for the actual market value of the home. This specifically applies to homeowners that owe more on their mortgage than the property is worth. Without such a principal reduction the homeowner would not be able to sell the home and if they are not able to make the mortgage payments then foreclosure litigation will ensue and the mortgagor will go into foreclosure
Recent Deals: A good example is the client/seller whom we closed this week. The client owed 295K to the lender and the current fair market value of the home is 235K. The offer of 235K was presented to the bank and approved with forgiving the client the 80K deficiency balance.
Coming soon - Process and variables for short sales !!
Nancy Schoen
SOS L Services, LLC
4 Nancy Court Suite 4
Wappingers Falls, NY 12590
P - 845-214-0282
F - 845-230-8639
nschoen@sosloanservices.com
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A loss mitigation company currently active in NY, CT, NJ and Fl.
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