These lenders have set up specific lines for negotiating short sales or other loss mediation matters:
Lender Loss Mediation / Short Sale Help Line
1st American Home Mortgage 800-756-5573
1st Federal of Michigan 800-482-0662
1st Federal Savings Bank 800-422-3372
1st National Bank 800-854-7715
Alliance Funding 800-426-1143
Allied Home Mortgage Capital Corp. 888-898-3326
American Mortgage Company 888-991-6400
Ameriquest 888-251-1313
Ameritrust Company 800-422-2442
APX Mortgage Services 800-843-1279
Astoria Financial 800-278-6742
Bank and Trust Company 800-423-3955
Bank of America 800-301-3744
Bank of Florida 239-254-2100
Bank of New York 212-495-1784
Bank of the West 925-942-8300
Bank Plus 800-542-7587
Barnett Banks 800-468-1810
BB&T Bank 800-226-5228
Beneficial 800-340-7866
Bridgeview Bank Group 800-794-2070
Capital Funding 800-837-6661
Capital One Bank 888-497-6278
Carteret Mortgage 888-980-8806
Central Jersey Bank 800-369-2500
Champion Mortgage 800-252-5502
Charter Oak Federal Savings 800-832-3452
Charter Pacific Bank 800-272-2265
Chase 800-935-9935List of Lenders
Chemical Mortgage Company 800-848-9136
Citi Mortgage 800-667-8424
Citizens Bank 800-676-6276
Citytell 800-762-2489
CMA Mortgage 800-557-1513
Compass Bank 800-239-4357
Countrywide Home Loans 866-670-5274
Crestar Bank 800-273-7827
Ditech 800-939-6879
Dollar Bank 800-242-2265
East Boston Savings Bank 847-952-3700
eLoans 888-533-5333
Emerald Funding 888-963-3436
Fidelity Federal 800-232-2309
Fifth Third Bank 800-972-3030
First Fiduciary Inc. 800-653-2600
First General Mortgage 800-225-6410
First United Federal 800-452-0883
Fleet Mortgage Corp. 800-635-3796
Genoa Bank 800-592-2828
GMAC Financial Services 800-766-4622
Harris Bank 888-340-2265
Heartland Mortgage 800-552-0344
Home Savings 888-822-4751
Homefed Bank 800-824-3533
HSBC North America 847-564-5000
Huntington National Bank 800-480-2265
Indiana Federal Bank 800-342-5760
Indiana Federal Savings Loan 800-851-4859
Key Bank 800-539-2968
LaSalle Bank 866-904-7222
Lending Tree 800-461-0117
Liberty Federal Bank 888-323-1776
Louvenia Banks 800-638-8214
M&T Bank 800-724-2440
Mellon PSFS 800-362-5510
Meridian Mortgage 800-327-2374
Michigan National Bank 800-622-6864
Mid America Mortgage 800-462-6288
Midwest Mortgage Finance 800-925-9725
Midwest National Mortgage Corp. 800-225-8894
National City 800-913-1621
National First Mortgage 800-336-2966
Nationwide Mortgage Buyers 800-562-5795
NBD Bank 800-225-5623
Newsome Mortgage 888-639-7663
North Fork Bank 877-694-9111
Ocean City Home Savings Loan Association 800-311-1398
Ohio Bank 800-843-9991
Ohio Citizens Bank 800-752-3430
Ohio Savings Bank 800-852-1938
Park National Bank 800-762-2616
Pennsylvania Capital Bank 800-642-3586
People's Bank 203-338-7171
People's First Federal Credit Union 800-446-5598
Pinnacle Bank 800-545-7188
Pioneer Bank 800-622-1889
PNC Bank 888-PNC-BANKList of Lenders
Progressive Mortgage Corp. 800-334-8512
Quicken Loans 800-251-9080
Raffensperger Hughes 800-338-2195
Regions Bank 800-REGIONS
Ryland Mortgage 800-786-8638
Signet Bank 800-233-7193
Sky Financial Group 866-759-2265
Society Bank 800-451-6513
Sovereign Bank 877-768-2265
Summit Bank 800-541-1365
Suntrust 800-786-8787
TFC Bank 800-823-2265
Third Federal 888-THIRD-FED
Trust Corp. Bank 800-348-2243
U.S. Bank 800-872-2657
Union Bank 800-547-5375
Union Center National Bank 800-UN-CENTER
Upland Mortgage 800-875-2631
US Bancorp 800-872-2657
Valley Federal Savings Bank 800-225-5409
Valley National Bank 800-225-5859
Wachovia 800-922-4684
Washington Mutual 800-788-7000
Wells Fargo 800-869-3557
Whitney National Bank 800-844-4450Meridian Mortgage 800-327-2374
See Related posts: Short Sale FAQs - http://activerain.com/blogsview/1055709/Short-Sale-FAQs-What-Is-My-First-Step
Short Sale Package - http://activerain.com/blogsview/1055648/The-Short-Sale-package
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Q: I want to sell my home for less than the mortgage amount. What is my first step?
You will need to contact your lender to see if they will consider allowing a short sale. A lot of our callers at the Real Estate Hotline (www.iasfinancial.com) have found it pays to get help from a third party who will help you negotiate with your lender through government sponsored programs such as:
HopeNow: http://www.hopenow.com/
Hope for Homeowners: http://portal.hud.gov/portal/page_pageid=73,7601299&_dad=portal&_schema=PORTAL
Help for Homeowners: http://www.hud.gov/offices/hsg/sfh/econ/econ.cfm
Meet with a HUD Counselor in your area: http://www.hud.gov/offices/hsg/sfh/hcc/fc/
Q: Will there be forms I need to fill out to do a short sale?
Yes. If your lender agrees to consider a short sale, they will most likely send you a "short sale package". There will be forms and requirements for you and your realtor to complete. My post at http://activerain.com/blogsview/1055648/The-Short-Sale-package gives a detailed description of the components of a typical package and how to execute them.
Q: My property needs repairs, can I still apply for a Short Sale?
Yes. Your lender may be more motivated to approve a short sale on a property that needs repairs.
Q: Are there Tax Consequences to the Seller when they do a Short Sale?
In the past, the Seller was sometimes required to declare the difference between the loan principal and the amount the bank received as income on their tax forms, and pay tax on it. However, in November 2007, a law was passed that changed this. Effective January 1, 2008, "Forgiven Mortgage Debt" (the difference between the principal and the amount the bank received) can be excluded from taxable income. There are restrictions, though. For example, the house must be a principal residence (not a summer home, vacation house, rental property, etc.).
Q: There are multiple mortgages on my property. How will that work?
You can still be approved for a short sale but it may be a little more difficult. I recommend that you start by negotiating with the first mortgage holder since they may have specific instructions for negotiating with the subordinate lenders. The second (or third, etc...) mortgage holder will typically be more motivated to work with you because if the first mortgage holder forecloses - all subsequent liens are wiped out.
Q: Do I have to miss a payment on my mortgage to get considered for a short sale?
No. However, keep in mind that while you do own the property - the lender owns the mortgage. Therefore, the lender can make the rules (within the legal guidelines of course). Some lenders guidelines require the borrower to be behind on payments before they will consider allowing a shortsale.
Q: How long do short sales take?
That depends on the lender and also on how long it takes all the parties involved to do what they need to do. I have listed short sales and completed the process within 8 weeks. On the other hand, I have submitted offers on properties that we are still waiting to hear something on months later. It is crucial to to work with an experienced agent who understands the short sale process and is willing to put in the extra effort to get the job done.
Q: I am facing foreclosure. Is a short sale my only option?
No. At the top of this post, I listed several organizations that will help you explore other options. Alternatives include payment deferment, loan modification and giving a deed in lieu of foreclosure. Contacting your lender or one of these third party negotiators should be your first step.
Q: How long does it take for the lender to foreclose?
That will depend on the laws for foreclosure in the state the property is located in. The timelines can vary greatly from state to state. It also depends on how agressive your lender is. In Florida, foreclosure can take up to a year or longer.
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If a lender agrees to consider a short sale, they will most likely send the owner/borrower a "short sale package". Not every lender requires a complete "Short Sale Package" nor will they all require the same documentation. However, you should be prepared to generate (or facilitate) these basic elements:
Cover Letter. The cover letter should be clear and concise giving the needed information to the lender. This typically includes an overview of the homeowner's situation, what they owe on the property, what it is really worth, and the amount of any necessary repairs as well as any offer amounts. The cover letter should include the contact information of all relevant parties (seller, realtor and any buyers if applicable).
Authorization to Release Information. There are lenders that require their own form for this but most will accept a standard authorization. It doesn't hurt to have it notarized.
Seller's Hardship Letter. The goal of this letter is to have the homeowner explain his situation to the lender, including key items such as job loss, medical issues, divorce, and health issues. If the seller is considering bankruptcy, he should include that, but only if he truly intends to file. He will most likely have to back up this threat with proof, such as a letter from his bankruptcy attorney.
Seller's Financial Information. The lender will use the same type of information to qualify the seller for a short sale as they do to qualify him for the loan in the first place. However, now the goal is the opposite - they need to prove he CAN'T afford this home. You can usually start with standard forms similar to a credit application showing both personal information and financial information. The lender will usually ask for:
• 2 years W2's
• 2 years tax returns
• 2 to 6 months pay stubs and
• 2 to 6 months bank statements
Supporting Hardship Info. This is written by the seller explaining in the seller's own words why they cannot meet their obligations at this time (or any time soon) and how they got in this situation. The seller will need to show proof of the hardship. This can include medical bills, accident reports, a layoff notice, or other documentation.
Repair Estimate For The Property. Providing the lender with a detailed repair estimate from a reputable contractor will assist greatly in getting the short sale accepted. Providing a description of any deferred maintenance such as a roof or a/c system near the end of its life expectancy or an outdated electrical or plumbing system is also helpful. The lender particularly doesn't want property that will need immediate attention.
CMA. Provide the lender with at least 3 to 5 comparisons of properties in the area that have sold in the last 12 months, preferably the last 6 months. It is also helpful to be able to show the number of days on the market and any and all down payment assistance, upgrades or seller concessions given in the comparable sales. It doesn't hurt to include desktop estimates compliments of your preferred lender, or a BPO (business process outsourcing) from your broker.
Listing. It may be difficult to get a lender to accept a short sale on a property that you haven't even tried to sell at full price. Typically, you need to list the property for at least some period of time. You can list it for the mortgage balance with the notation that the seller is negotiating with the lender for a short sale and ask for buyers to make written offers.
Contract. The lender will typically request all offers in writing and will almost always require an "As Is" contract with the bank offering little or no assistance to the buyers. The lender will usually require all offers include a copy of the earnest money deposit from the buyers as well as Proof of Funds on Cash offers or Mortgage Prequalification or PreApproval for those seeking financing.
Preliminary HUD-1. Lenders want to see how much money they are going to net with the suggested sale price. Here are some points to note:
Additional Information. Typically if a lender requires additional information, they will let you know what it is. The most common is the request for the payoff amounts from the other lien or mortgage holders on the property. If you are working with a homeowner with an FHA or a VA loan, then you will have to include additional forms with your short sale package. Examples of possible additional items include:
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Florida - How Obama's First 100 Days in Office have effected us
Highlights:
Farther reaching impact: Obama's plan for "a new beginning with Cuba" triggered an unexpected response on subjects Cuba has previously refused to discuss - human rights, press freedom and political prisoners. Obama has not indicated he wants to end the U.S. trade embargo against Cuba. But south Florida port officials are now considering the flood of commerce that would result if it ended.
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Daytona Beach - INVESTORS: Now is the Time To Buy!
Daytona Beach is located on the east coast of Central Florida on the Atlantic Ocean, and is known as "the World's Most Famous Beach". What many don't know is that the city is also located at the eastern end of the Florida High Tech Corridor (recognized as one of the nation's top 3 biotech communities) and boasts a growing workforce of more than 300,000 skilled workers. The Daytona area's new $51 million strategic economic development initiative makes the city a leader in Florida's business development opportunities.
Daytona Beach is the commercial and cultural hub of the Deltona - Daytona- Ormond MSA which also includes nearby cities Deland, Holly Hill, Edgewater, Port Orange and Orange City representing a total resident population of 545,451.
Continued Appreciation and Growth Indicators
Recent Job Growth ranked among the top in the country. Future Job Growth is projected at 17.82% (the U.S. Average is 9.06%)
Recent projections by the U.S. Census Bureau estimate Florida as the state to see the nation's largest population growth - over 3 million people within the next five years, for a 20% increase. Foreign investors rank Florida in the top 3 for investing abroad, with Daytona and Miami beaches and Orlando/Disney areas being the top choices within the state for the past 12 years.
Multiple Markets for Economic Growth
Over 8 million tourists visit the area annually. Based on a nationwide Survey of Buying Power, this corridor ranked 20th in population with 3.24 million people and ranked 20th in Total Effective Buying income (EBI) at $61.3 billion.
A key factor in the investment value of Daytona is that the city's economic growth is not dependent solely on tourism. The city is an intrical segment in the I-4 high tech corridor with specialized industries in aerospace, automotive and manufacturing. Education, healthcare and manufacturing are the city's largest employers. The 450+ corporate partners headquartered in Daytona Beach include NASCAR, International Speedway Corp, LPGA International, Tyco Healthcare/Kendall, Gamro-Renal (medical manufacturing), Brown & Brown (commercial insurance), Enrichment Industries (vocational rehab), Crane Cam Automotive Manufacturing, Command Medical, Sparton Electronics, Advanced Ordinance (military hardware), Piedmont Plastics, Raydon and Embry Riddle Aeronautical Aviation.
The area's new $31 million Advanced Technology Center offers specialized machining, software and information technology courses along with advanced support for medical technology start-ups.
Educational Facilities
Colleges and universities and vocational schools include: Bethune-Cookman University, Daytona State College, Embry-Riddle Aeronautical University, University of Central Florida, Daytona Beach Campus, The Airline Academy, Keiser College, WyoTech and Phoenix East Aviation.
Proximity to Major Transportation Arteries
Daytona Beach is located at the convergence of two major interstates providing quick access to a marketplace population of over 17 million. (3rd largest consumer region in the United States)
Three airports serve the area. The local Daytona Beach International Airport, Orlando International Airport (one of the world's major airports under an hour's drive) and the Orlando/Sanford Airport just 35 minutes northeast of Daytona.
Several major cities in the state (Orlando, Jacksonville, Tampa, Gainesville), as well as many world known tourist attractions are within an hour's drive - (Disney, Sea World, Universal and NASA's Cape Canaveral).
Tax Incentives
No State personal income tax.
Low 5.5 percent corporate tax rate.
Growth Minded City Government fuels Economic Growth
The Daytona city government is excelling in important economic development initiatives and job growth. The leaders are dedicated to improving the city and surrounding communities to be world-class. Recent development on the oceanfront has had phenomenal success in converting what were aged motels on the beach into the trendiest condos and sought after clubs, bars, galleries, and restaurants.
Recent Redevelopment projects include:
The current quarterly report shows 32 commercial permits issued for the city - totaling $147 Million in improvements for just the most recent 3 month period alone. Other developments include:
Current Real Estate Market
The average sales price for single family homes in the Greater Daytona Beach area is $135,000
On the intracoastal, riverfront condos start in the low $80,000. Beachfront condotels begin around $25,000 and Oceanview condos start around $140,000.
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