Cenlar FSB Short Sale

Cenlar Short Sale Process

Sometimes you will first have to apply for a Cenlar loan modification but once you have been declined the process is pretty simple:

1. We have a conversation over the phone with the councellor from Cenlar FSb to initiate the short sale process.
2. Cenlar FSB Request for Mortgage Assistance Loan Paperwork will Be Required to be completely filled and submitted.
3. Complete Property Valuation (Certain Investors Require Two Interior Inspections)
4. Negotiate Terms With Cenlar About Short Sale Fees And Costs To Be Paid Out Of The Seller’s Proceeds.
5. Lender (Cenlar FSB) Provides A Response To Short Sale Offer Made.

As you know if you’ve been through the process it’s never easy with Cenlar. Often there is some turmoil or another. Repeating the same steps over and over again is typical during Cenlar short sale. It’s part of the process to know that we will have to run around from department to department at Cenlar FSB. The Loan Modifiation Department maybe needs to close it out, or the short sale department doesn’t have someone assigned to Cenlar Customers Service Department; Above all you need to know better when they are sending you in the wrong direction. Often clients come to us after submitting the wrong information on their application, getting denied, and not being able to figure out what happened. We can help you review any declines.

Cenlar Short Sale Timeline

When dealing with Cenlar Loan’s Short Sale timelines vary on some very basic and other not so basic elements. These are just a few of the hoops we jump through when dealing with a short sale.

• For one, Cenlar FSB is only a servicer of mortgage notes. Therefore, Cenlar FSB’S mortgage division has to abide by the PSA or Pooling and Servicing Agreement that governs the loans. This contract is directly between servicer and investor. It is not always an option for Cenlar FSb to make the decisions. The investor for whom they are servicing the loan have delegated only some decisions to Cenlar so for other decisions they have to get permission from the investor. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from many servicers. As always the greater the number of hands in the put the more layers of burueacracy you’re going to deal with.
• Additionally, what affects the timeline of the short sale is  whether or not your Cenlar Loan has a sale date. Cenlar FSB is tough when it comes to homes in foreclosure and stopping the sale date for an Cenlar Short Sale to be completed. If you can get a value completed often your chances improve your getting bumped up in the process. Cenlar Loan Servicing has homes being sold at auction every day. Sale dates even for the coming week are not working with ugency. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Finally, not all negotiators are good negotiators. This goes for both sides. Often miscomunication In the banking world can lead to certain failure. People become very specialized in this niche of representing homeowners infront of Cenlar Financial Corporation in these financial application processes to find mortgage assistance. Often you will be put though the multiple levels of management including approval from an investor as mentioned above depending on what their total losses are.

Cenlar Short Sale Timeline Conclusion: Your Cenlar Short Sale Timeline will vary based on many different factors. Decisions can be made in house will clearly be quicker than those that have to be sent out for appoval., what the value comes back at from the appraisal completed by Cenlar’s Short Sale Department compared to what the offer is that is being made to them, how fast Cenlar’s Loss Mitigation department received the Cenlar Short Sale Application documents are received (readble) and other factors will come together to effect how long it will take for your Cenlar Short Sale to be Approved.

How To Fix A Cenlar Short Sale Decline?

Often dealing with Cenlar Mortgage and how they deal with short sale buyers offers being declined may be confusing. Often they will not be clear not only as to why but if there is anything that can be done to fix it.  Here at ACG we review dozens of points in order to understand why your Cenlar short sale offer was rejected. Have us review your declined short sale for free by calling us at 888-934-3444.

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