Need help with a Short sale on a mobile home?


#1

I am currently working on a short sale on a 1995 mobile home. It has 3 beds and 2 baths and it is in a mobile home park. I have a great relationship with the park manager and she actually told me about this deal. The lady that owns it owes $7600 and is behind 3 payments on it ($325) and behind 2 payments on the lot rent ( $235). She also has cancer and has no money to make these payments. I am in the process of getting her to sign an authorization for me to speak to the bank on her behalf. I know that I will probably have to send in an offer with a hardship letter, bank statements, and w2’s. Is there anything that i should be aware of or pitfalls that i could come across in this deal. This is my first short sale on a mobile home. Does anyone have any experience in doing this that could help out? Thanks for the help! What sort of strategies should I use?


#2

I work short sales daily. I would be happy to help if you like. Some items you need to look at 1) Have the authorization for release of information be signed by the home owner giving (a company) authorizaiton. Be sure you have them sign this form and put the loan number, the lenders name, the ssn on the form.

  1. Call the lender and ask for their fax number for the authorization and the fax number for the short sale package and the phone number for the loss mitigation/short sale department.

  2. Call the short sale department and ask for their short sale requirements and fax them to yourself. Depending on who the lender is, I might have their requirements.

  3. In the meantime, you will need to gather the following docs from the homeowner - 2 years tax returns, 2 months bank statements and pay stubs, a hardship letter (what happened to get here), a purchase contract, a HUD showing the lender what they will net, a listing agremeent, a financial summary (Freedie MAC has it on their web site).

  4. With that being said, what will the house sell for or what do you really want to pay for it?

You then put the entire package together with a cover letter and include anything else the lender wants and fax the auth to the auth fax and include it in the package.

Once you get that together, if you want more help - let me know.

Sandi