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Beneficial Bank Short Sale Application, Forms And Packages
Are You Still Dealing With Beneficial Bank By Yourself?!
?Are You Still Dealing With Beneficial Bank By Yourself?!?
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Step 1: Beneficial Bank Servicing Short Sale Experts
Finding The Right Short Sale Agent
Finding The Right Agent
Although short sale is a highly common process but still a very few people in the market who know how to properly deal with short sales. Because of this it is expremely important that you find the right professional to deal with your short sale. If you don’t know where to turn to we’ve got access to a set of elite professionals nationwide. Click here to request a call from a short sale pro or call 888-934-3444.
Get The Short Sale Listing On The Market
Get The Property Listed!
There is one other important thing that you will have to do and that is to get your property listed. To do this properly such that your property gets a fair review you will have to work with a local broker. You will never be allowed to just bring an offer to the lender. You may be asked for documents such as the MLS Listing and MLS History as a proof that the short sale has been properly listed.
You will not be allowed to continue untill you have completed this step properly and the Listing Agreement will be amongst the first of the documents required to get your short sale going.
Step 2: The Short Sale Offer
Real Estate Short Sale Definition
What is a short sale?
A short sale is the one in which the offered amount for the property is not enough to pay off all the debts taken against the property. Any lender including Beneficial Bank can never review your application unless you have an offer. The lender will need to see another thing and that is what will be the net amount left once all the closing costs have been deducted from it. This includes past due taxes, non-recurring closing costs, attorney fees, settlement fees, title fees, and anything else that may apply.
Best Short Sale Buyer
Find The Right Buyer For Your Short Sale
Strong Short Sale Buyers
A potential buyer of a short sale must be patient. A potential buyer who is ready to wait will always be better in the long run as compared to an all cash buyer or the buyer whose offer is more than others. Your broker needs to interview the potential buyers to make sure they are a good fit. Not just the buyer is important but the broker representing the buyer is important.
Previously Approved Short Sales
Previously Approved Beneficial Short Sale
Some brokers have often been seen advertising that they had a previously approved short sale with Beneficial Bank. This is to mislead the customer that the short sale process will be quicker. Even if they had previously approved the short sale and all the terms were met they will still need to make a full review.
Step 3: Submit Beneficial Mortgage Short Sale Package
Beneficial Short Sale Submittal
Submiting Your Short Sale Package to Beneficial Bank To Get The Process Going.
What is in the Beneficial Bank Short Sale Package?
Very lender usually requires similar documents. Below follows a list of documents usually demanded by the lender: a listing agreement, a purchase agreement, proof of the buyer’s ability to perform such as proof of funds or a prequalification letter from the buyer’s lender. That’s only the beginning.
As a short sale seller they require you provide your financial information such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a short sale, and a hardship letter.
Step 4: Beneficial Bank Short Sale Broker's Price Opinion (BPO) or Appraisal
Beneficial Short Sale Value
Getting The Right Value Goes A Long Way.
A lender must get a Broker’s Proce Opinion (BPO) to figure out whether you are eligible for the short sale or not. A valuation is completed by a broker in most of the cases by comparing the similar properties which are either currently listed or have been sold in the previous 3 to 6 months. They consider the homes perceived condition, the size of the living space, the size of the lot, how many stories it has and whether or not it has a pool.
They will also consider market conditions and how fast homes are selling in the area. There are many factors they take into consideration.
Beneficial Bank Value Disputes and Variances
Filing Value Disputes and Variances
Its not unusual that a value may sometimes return too high and it can happen to both rookies and experts. Sometimes you try your best and take a eeting with the broker or appraiser regularly but all this effort does not matter in the end because the broker is not from the area and compares properties that have nothing in common to each other.
Step 5: Finalize Short Sale Terms
How Long Does A Beneficial Bank Short Sale Take
Beneficial Bank’s Short Sale Time Line Coming To An End.
This is the time when the fate of your short sale application will be decided by the undersigned as to whether approve it and send it to the investor or not. Before submission to the management there is usually an auditting process and if approved there is often another auditing process that occurs before an approval letter is issued.
Beneficial Bank Short Sale Counters
Beneficial Bank Counters Short Sale
Your short sale application may be issued a counter or be rejected at this time. special skills are needed to compete with either of these situations acquired only by experience . Anyone can get the easy ones done but it’s the difficult transactions that seperates that experts from the wannabees.
Step 6: Closing A Short Sale
Short Sale Escrow
Short Sale Escrow.
A short sale escrow is very much similar to the typical escrow. The typical escrow process will start after all the debt holders have given their approval. To ensure that all the interest holders in the property have been properly addressed title search mus have been issued by now.
Short Sale Extensions
Beneficial Bank Issues Short Sale Extension
What if the approval letter expires and we have not been able to complete the short sale process? We get this question all the time and honestly, there is not a simple answer to this. It depends on delinquency of the mortgage, whether the value they have expired, and many other details. Consult one of our professionals if you need more time to see what we are able to get approved with Beneficial Bank’s Management. Results may vary greatly but the best part of our services is we only get paid if the transaction successfully closes (we are gernerally paid from the real estate comissions awarded to the agents involved and paid out of Beneficial Bank’s net).
We've Been Dealing With Beneficial Bank For Over A Decade!
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How Does ACG Get Paid?
Absolute Consultant Group (ACG) can help you by working with your local broker to get your property sold on time. For our services we will get paid directly by Beneficial Bank from the escrow closing account. We will not get payment for any service if the transaction does not close. Usually we get our payment for our servicies from the amount that is awarded to the agents involved in the deal. This service generally costs the seller nothing out of pocket. Call for details 888-934-3444.
Understanding The Beneficial Bank Short Sale Status
The Beneficial Bank Mortgage Package is a difficult and kengthy document. Beneficial is not yet interested in making this process any simpler for its consumers but don’t worry that is why ACG is here to offer you to assist with your application for the short sale process to get mortgage assistance from your servicer.
Assistance For Beneficial Bank
We can provide you help in all your mortgage related challenges with Beneficial Bank. We will be the only ones you will have to contact for any kind of Mortgage relief service with Beneficial Bank. We can help you to complete your short sale with them.
Call Us 888-934-3444 Today.
Beneficial Bank Short Sale Package Breakdown
To Answer what is Beneficial Bank Package?
When you will apply for a mortgage assistance with Beneficial Bank the first thing required from you will be a completed package called Beneficial Bank Request for Mortgage Assistance (RMA). One thing to make sure is that the package you are submiting is the latest one; It always benefits to consult with a professional first. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their BeneficialShort Sale and Beneficial Bank Loan Modification process.
There are 6 Sections to the standard Beneficial Bank Request for Mortgage Assistance (RMA).
Need Assistance With A Beneficial Bank Mortgage?
Need Assistance With A Beneficial Bank Mortgage?
Short Sale RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Borrower Details This section will require the consumer to fill out all the personal details of the borrower and co-borrower. This section will also ask whether your property is listed for sale etc.
- Household Assets This section will require that you fill out all the details of all the assets currently owned by the household.
- Monthly Household Income. In this section you will be required to put the monthly income details of the whole household. You will be required to put the income of both the borrower and co-borrower.
- Monthly Household Expenses In this section you will have to put all the expenses of the household for the entire month.
- Hardship Affidavit This section has hardship options from which you will need to tick out the correct ones showing the reasons for your hardships.
- Property Lien Affidavit In this section there is a checklist of options for the lien types and you will also need to mark the correct ones and putting the details of lien holders.
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Disclaimer: Using The Wrong Form May Lead To A Denial
We provide mortgage servicers mortgage assistance package, forms, and applications to for educational purposes only. This is a sample document used to obtain mortgage assistance relief workout programs with your mortgage servicer. Prior to completing the form contact your (your client's) Mortgage's servicing department OR one of our professionals at 888-934-3444 to make sure they are sending the right loan modification or short sale package. Your home loan servicer, whether dealing with a Home Loan Modification or Short Sale (mortgage settlement, short pay off or discounted payoff) RMA Package offered on this website may not be the correct package depending on your investor. By downloading this RMA (Request for Mortgage Assistance) from our website does not guarantee loan modification assistance or any other mortgage relief programs to try to avoid foreclosure through mortgage servicer, its agents, employees, affiliates or subsidiaries. Prior to the use of any documents you should consult an attorney.