Upside Down Mortgage

Posts Tagged ‘modification,foreclosure,mortgage’

Loss Mitigation Processing

Question: Loss Mitigation and Short Sales?

It seems to me that the only difference between gathering information for Loss Mitigation and a Short Sale is the sale and purchase contract (Short Sale). Basically the rest of the information to process the 2 are the same. Is this true?

Answer: You are correct. You are re-qualifying the homeowner as if you were turning back the clock. Did they lie on the original application. Do they have more assets than they are claiming. Are they willing to share the loss..

Short Sale - Part 4: Real Estate Foreclosure Prevention - Mortgage Bailout Process - Negotiate Free

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!