- Authorization to release information to an agent. This document signed by the homeowner gives his lender permission to deal with and furnish information about the mortgage to the homeowner’s real estate agent. Without this authority, lenders will not communicate with anyone acting on behalf of his homeowner, making the document one of first priority. [See first tuesday Form 124]
- A hardship letter. In order for the lender to determine whether or not the homeowner is financially qualified to make payments on the mortgage, the homeowner prepares a letter detailing his current personal and financial situation. The homeowner explains he was laid off and has not been able to find a new job. He also discloses he is the only wage earner in his household. [See first tuesday Form 217-1]
- His most recent pay stubs, bank statements and tax returns. The lender wants to confirm the homeowner is purchasing only necessities in lieu of making mortgage payments (i.e. groceries, car repairs and school supplies). Tax returns are used to verify annual income. Often the lender will also require the owner to fill out a financial statement (equivalent to an application for a loan) to determine whether the owner has other assets available as a source of funds to pay off the mortgage without a discount (i.e. cash on hand, equity in other property, stocks/bonds, etc.).
- Proof of occupancy. The homeowner provides the lender with a utility bill in his name at the property address to prove he occupies the residence and doesn’t rent it to others.
On contacting the lender, the owner is referred to the lender’s loss mitigation specialist, sometimes called a negotiator. In response, the owner is sent a shortsale information packet, requesting he deliver the following to the lender:
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We’ve said it for years and its worth repeating once more: at the behest of the banks, employed underwater homeowners are left with no other choice than a strategic default.
A strategic default allows a homeowner to both move on to another residence and increase his family’s standard of living – things very American to do. Until lenders muscle up or are forced to report their mortgage losses, the real estate market will continue to heave under the disproportionate weight of delinquencies, foreclosures and REO inventory. Until then, lenders will be too suppressed with foreclosure-related activities and solvency issues to lend. 1, one time, judge FORCE landlord to mediate because it is in the lease
othertime, summer even hire $400 mediator to make 2, landlord appearing incooperatively mediate due to inhability but not the fact that she is incooperative in retaliation 3,tenant is professionally knowledgable to use mediation as a tool to put stress and pressure to landlord then maybe lease has no mediation clause works effectively, will it? why senior depression?
I m inferior but in fact senior aged ninty is super because kids free from caring and no dementia |
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