Virginia Short Sale Specialist / Realtor - Certified Distrssed Property Expert (CDPE)

Wachovia Pick a Payment Mortgage Short Sale

Is your mortgage Wachovia Pick a Payment Plan?  If so and you are experiencing a financial hardship, you can get your short sale approved in matter of days.  When Wachovia bought World Savings, Wachovia inherited World Savings' Pick a Payment Mortgage portfolio.  Basically it works very similar to Countrywide's (Bank of America now) Option Arm payment.  As you know, Wells Fargo bought Wachovia last year and now Wells Fargo owns Pick A Payment mortgages.   Since it's been sold twice, Wells Fargo is very motivated to unload these mortgages if the borrower is experiencing financial hardship.  These short sales can be approved in matter of days.  I was talking to one of the Wachovia / Wells Fargo short  sale field specialist who has seen short sales close within 37 days from the date of contract.  Not 37 days for approval but 37 days from contract to closing.  I'm seeing continual improvement in short sale process all across the board.  If your mortgage is with Wachovia / Wells Fargo, contact me and I can discuss your options.  I can even have a Wachovia / Wells Fargo represented discuss the short sale with you.  

Simon Hahn - Keller Williams Realty

Wachovia & Wells Fargo Short Sale Specialist

703-662-1466

 
 

MetLife Short Sale Process

I just received an approval for a MetLife (formally First Horizon) short sale yesterday.  Having completed few short sales with MetLIfe now, I can say that their process has definitely improved.  If you submitted a short sale package last year or early this year and still haven't received the approval, it may due to the following reason.   Below is an excerpt from one of the negotiator at MetLife.

"There was some confusion regarding this and many other files.  We had hired an outside servicer to assist us with loss mitigation workouts.  This file was flagged as one of those files.  At the beginning of March we discontinued working with them."

We submitted the package last year and the file didn't move at all.  However, once the MetLife negotiator received the complete package it took little over 30 days to get the approval.   In 2008, I remember it taking about 2 months from start to finish.

I read online that MetLife just recently sold a large pool of servicing loans to IBM Lender Business Process Services. I don't know what impact this will have on short sale process but time will tell. 

If you are current on MetLife mortgage, I don't think they would consider your short sale.  Here's the short sale contact number.  

Unlike my other short sales, I won't be posting the short sale demand letter.  Their attorney overnighted a cease and desist order. I guess I can read it off to you over the phone if you like.     

MetLife Short Sale Package

I don't think they have any special form.  You just have to provide the standard documents. 

• General Authorization Form
• Hardship Letter address to your lender(s)
• 3 Months Bank Statements (all pages, even if blank)
• 2 months pay stubs, or P&L for self-employed
• Tax Returns (last 2 years)
• W 2s
• Financial Statement

MetLife Loss Mitigation Department

888-638-6964 ext # 33805  or 800-364-7662

Fax  214-441-4594 or Fax 214-441-6032

Address: Loss Mitigation Dept.

4000 Horizon Way #6207

Irving TX 75063

Hope this helps.  If you have a question concerning MetLife short sale, feel free to email/call me. 

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

MetLife / First Horizaon Short Sale 

703-662-1466

 
 

Wells Fargo Short Sale Timeline

How long does Wells Fargo take to approve their short sales?  According to their official guide, about 45 days.  Most of my Wells Fargo short sales have taken about 2 months or less.  I blogged about this last year.  

The contract date is 2/3/10 and the approval date is 2/24/10.   So it took 3 weeks for approval.  Many banks can actually get the short sale approved in few weeks but the key is preparing all the documents in advance and getting the right negotiator on the bank's end. Keep in mind that Wells Fargo has separate fax number for third party authorization and short sale package.  If you don't know this, this can delay the process.   I believe I have done now over dozen or so short sales with Wells Fargo and I must say that Wells Fargo is definitely one of the top banks to work with in terms of short sales. 

If your mortgage is with Wells Fargo / Wachovia and you are considering doing a short sale short, give me a call at 703-662-1466.  I know the process inside out.

 

Simon Hahn - Keller Williams Realty

Wells Fargo / Wachovia Short Sales Specialist

703-662-1466

Suntrust Short Sale Demand / Approval Letter

How's the short sale experience with Suntrust?  Lately it has been taking much longer to get approval compared to last year.  

Earlier in the year, SunTrust gave time frame for their approval.  Here's my old blog post about it.  Basically 2 month is all it took but starting May SunTrust stopped giving time frame.  I knew it'll take much longer when they stopped giving time frame.  This contract was submitted to bank late June and we got the approval in mid-January.  So basically it took 6.5 month for approval.   This seem to be the norm when I talk with other agents working on SunTrust short sales.  

Here's the Suntrust short sale demand/approval letter.  

 

 

  

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

703-662-1466

 
 

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EMC Mortgage Short Sale Approval/Demand Letter

Here's a recent EMC short sale that closed.   Here's the details and the short sale approval/demand letter.  I have found EMC Mortgage to be one of the easiest banks to work with.   EMC Mortgage is a wholly owned JP Morgan Chase & Co and I remember correctly they want to exit the mortgage business.  If you have any questions concerning EMC Mortgage short sale or any other short sales, don't hesitate to contact me for free, private consultation.  My direct number is 703-662-1466.

Time frame: 2 months

Hardship: Job Loss

Here's the EMC Mortgage short sale approval / demand letter. 

 

 

 

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

703-662-1466

 
 

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Wells Fargo First and Second Trust Short Sale Approval Letters

Here's a very recent Wells Fargo short sale that closed.  If you look at the letters, they are clean.  Even for the second lien, it states that the debt will be forgiven even for the second loan.   This took little longer than other Wells Fargo short sales.  To date, I have done over dozen Wells Fargo short sales and they typically take 2 to 2.5 months.  Some approved short sales take a month or so.  There was some issue with second wanting more in payoff and that delayed the process a bit.   Anyways, here's the details and the short sale approval/demand letters. 

Approval Time Line: 

-Wells Fargo First Trust: 3.5 months

-Wells Fargo Second Trust: 4 months

Hardship:  Job Transfer

Here's the Wells Fargo first trust approval letter.  Click on image for PDF file. 

 

Here's the Wells Fargo short sale approval / demand letter for the second/junior lien.

If you have any questions concerning Wells Fargo short sales (or any other short sales), please do not hesitate to call for a free, private consultation.  I have done over dozen Wells Fargo short sales with no issues so far. 

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

703-662-1466

 

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M&T Bank Short Sale Demand/Approval Letter

Here's a brief summary of a M&T Bank short sale.  There was an issue with appraisal coming in too low and home inspection issues which delayed the process. Nevertheless the settled and here's the M&T Bank short sale demand letter. 

Hardship: Loss of job

Time Frame: 2.5 to 3 months

Here's the short sale demand/approval letter.  It's clean letter.  If you have mortgage with M&T Bank and you need to do a short sale, call for a private free consultation.  Direct number is 703-662-1466.

   Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

703-662-1466

 

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Flagstar Bank Short Sale Demand/Approval Letter

Last week I received an approval for a Flagstar Bank short sale.  I was representing a buyer for this transaction.  I hope this letter helps to understand how Flagstar Bank does their short sale.  

Time Frame:  5.5 months.   I didn't realize that it took this long mainly because I had continual updates.  Honestly, I though the bank could of done in 3 months max but they kept wanting more money and wanted to change the terms.  

Here's the demand/approval letter. 

 

If you have Flagstar Bank and you are considering a short sale, contract me for a private consultation.   

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

703-662-1466

 
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Citibank/Citimortgage Short Sale Demand/Approval Letter

Here's a Citimortgage short sale success story.  This short sale that was approved around Christmas time.  Since Citibank sent it as a Word file, I made a PDF copy of it.  

Download Citibank_approval

It's clean letter with no seller contribution or promissory note. In paragraph 5, it states the following:

Upon receipt of the NET PROCEEDS and a COPY OF THE FINAL SETTLEMENT STATEMENT(SIGNED), CitiMortgage, Inc. will give a full release and reconveyance of their loan as agreed and no deficiency judgment will be instituted.

Days for Approval: 67 days

Hardship: Moved out of area

Missed Payment: Yes

If you have CitiMortgage/Citibank mortgage and you are considering a short sale, please call me for private consultation.  I have been involved in close to 10 CitiMortgage/Citibank short sale. 

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

703-662-1466

Citibank short sale specialist, Citimortgage short sale specialist, Virginia short sale specialist expert, citimortgage short sale success

Select Portfolio Servicing and Litton Loan Servicing Short Sale Demand/Approval Letter

Here's a short sale we did with Select Portfolio Servicing and Litton Loan Servicing.  It was a quick and smooth transaction.

Banks: 

Select Portfolio Servicing (formally American Home Mortgage) (First)

Litton Loan Servicing (Second)

Days for Approval:

Select Portfolio Servicing - 36 days

Litton Loan Servicing - 36 days

Here's the approval/demand letter from Select Portfolio Servicing.

 

Here's the short sale approval/demand letter for Litton Loan Servicing second lien. 

If you have any questions about doing a short sale with Select Porfolio Servicing or Litton Loan Servicing, give me call for a private consultation.  Direct number is 703-662-1466.

Simon Hahn - Keller Williams Realty

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