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Charleston homeowners: Tips for receiving short sale approval

Homeowners throughout the state of South Carolina should be relieved to know that banks and federal officials are beginning to recognize the benefits of choosing a short sale over foreclosure. Since mortgage lenders find that they can recover more of the underwater home loan, distressed homeowners are put in a position to make sure that they have all the correct documentation in order to receive approval for their short sale.

As we reported earlier on this blog, Fannie Mae and Freddie Mac are required to process requests for short sales in a more expedient fashion, within 60 business days at the very most. This is great news for underwater mortgage holders, since lenders historically have taken a long time to approve or deny requests. Hopefully, more lenders will now be more responsive to borrowers needs.

While a tremendous share of responsibility rests with mortgage lenders, homeowners still have some responsibilities to ensure a speedy turnaround on short sale requests. One of the best things a homeowner can do is simply be proactive. Considering the services of an experienced real estate attorney is a way homeowners can demonstrate their willingness to stay on top of their case and achieve a favorable outcome.

The short sale approval process requires a lot of paperwork and documentation, so it's of the utmost importance that complete, accurate and legible information is provided to banks. Any piece of information that is missing or is incomprehensible in a person's paperwork will only amount to another delay in the lender's decision.

One key aspect of information to be included with your documentation is the "hardship letter." This is an account of how you came into financial trouble. By being honest and direct, lenders will have a clear understanding of your case and can make a determination in a timely manner.

Fortunately, there are ways to see that your claim for a short sale is approved efficiently. Relief from an underwater home mortgage is possible, and submitting well-prepared documentation to your lender is how you can do your part in working toward a successful short sale.

Source: Chicago Tribune, "It pays to be proactive in a short sale," Lew Sichelman, June 22, 2012

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