Information Disclaimer: Not Your Loan Servicer (Read More)
**We are not affiliated with any mortgage servicer, the investor/beneficiary of your mortgage note, the mortgage insurer (if applicable) or any government agency. We are a homeowner advocacy group with more than a decade of helping homeowners and professionals with mortgage assistance negotiations. The information found on this page is for educational and convenience purposes only. The information found on this page should be considered as opinion and not fact based on our experience with lenders over 10+ years. Consult your mortgage servicer directly or a professional before using any of the information found on this site. If you are seeking an intermediary to assist you in getting help with your mortgage you may contact us at 888-934-3444 or via email at [email protected] for further review for a no fee, no obligation, consultation. If required you may be referred to a local professional or legal counsel for additional assistance with your mortgage. Please read through our Disclaimer page for additional details. We do not represent in any way any financial institution named on this page. If you feel that any of this information has become outdated or is incorrect please contact us immediately.**
Gateway Mortgage Short Sale Application, Forms And Packages
Are You Still Dealing With Gateway Mortgage By Yourself?!
?Are You Still Dealing With Gateway Mortgage By Yourself?!?
Limited Time Offer Coupon!
Limited Time Offer Coupon!
Step 1: Gateway Mortgage Short Sale Experts
Finding The Right Short Sale Agent
Finding The Right Agent
Short sale is a highly common process even though there are very few people in the market who know how to properly deal with short sales. That is why, it is extremely important to choose right professional to deal your short sale. If you can not figure out where to turn to we’ve got access to a team 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!
Another important step you have to do is getting your property listed.You will never be allowed to just bring an offer to the lender. You will have to work with a local broker such that your property gets a fair review. 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 can not proceed to next step until 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. Until you have an offer any lender including Gateway Mortgage can never review your application . The net amount left once all the closing costs have been deducted from it is one of the things a lender will need to see. 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
Patience is the most important quality a short sale buyer should have. A buyer who is ready to wait will always be better in the long than all cash buyer or the buyer whose offer is more than others. Brokers interview the potential buyers to make sure they are a good fit. Broker representing the buyer is as important as the buyer
Previously Approved Short Sales
Previously Approved Gateway Mortgage Short Sale
Some brokers advertise that they had a previously approved short sale with Gateway Mortgage just to mislead the customer that the short sale process will be quicker. They will be required to make a full review even if they had previously approved the short sale and all the terms were met.
Step 3: Submit Gateway Mortgage Short Sale Package
Gateway Mortgage Short Sale Submittal
Submiting Your Short Sale Package to Gateway Mortgage To Get The Process Going.
What is in the Gateway Mortgage Short Sale Package?
Usually, every lender is required to submit same 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.
As a short sale seller they also require you to 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: Gateway Mortgage Short Sale Broker's Price Opinion (BPO) or Appraisal
Gateway Mortgage Short Sale Value
Getting The Right Value Goes A Long Way.
There is only on way to figure out you are eligible for short sale or not is by completeing a value. In most of the situations, broker does a value by comparing the similar properties which are either currently listed or have been sold in the previous 3 to 6 months. Many conditions are considered while reviewing which includes 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.
Market conditions and how fast homes are selling in the area will also be considered. There are many factors that are taken into consideration.
Gateway Mortgage Short Sale Appraisal
Short Sale Appraisal Values
Gateway Mortgage is always representing an investor who is facing a loss so it is important that they complete a valuation. If an investor wants a deeper review they may want an appraisal from an appraiser Appraisers have specific licenses that are to determine the fair market value of properties. Some investors such as Fannie Mae (FNMA) complete two appraisals. The type of value completed varies from lender to lender and investor to investor.
Gateway Mortgage Value Disputes and Variances
Filing Value Disputes and Variances
What happens when a value returns too high. It can happen to both rookies and professionals. Sometimes broker compares properties that have nothing in common to each other. So, all of your hard work and meeting with the broker or appraiser does not matter in the end.
Step 5: Finalize Short Sale Terms
How Long Does A Gateway Mortgage Short Sale Take
Gateway Mortgage’s Short Sale Time Line Coming To An End.
TAt that time undersignied will be the deciding authority by deciding to approve your short sale application and send it to the investor or not. Auditing is an important process and usually there is an auditing process before submission to the management and if approved there is often another auditing process that occurs before an approval letter is issued.
Gateway Mortgage Short Sale Counters
Gateway Mortgage Counters Short Sale
Your short sale may be accepted may be rejected at that 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 professionals from the wannabees.
Step 6: Closing A Short Sale
Short Sale Escrow
Short Sale Escrow.
Tradional escrow process and short sale escrow process are pretty identical and if you ever came across a typical escrow a short sale escrow will look very much similar. The typical escrow process will start after all the debt holders have given their approval. Title search must have been issued by now to ensure that all the interest holders in the property have been properly addressed.
Short Sale Extensions
Gateway Mortgage Issues Short Sale Extension
What Ifyou have not been able to complete the short sale process and the approval letter expires ? We get this question all the time and to be honest, 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 Gateway Mortgage’s Management. We can not guarantee consistent results and expect the results to be variable 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 Gateway Mortgage’s net).
We've Been Dealing With Gateway Mortgage For Over A Decade!
?Don't Get Lost In Gateway Mortgage's Web!?
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. We will get paid directly by Gateway Mortgage from the escrow closing account. If the transaction does not close we will not get payment for any service . The brokers involved in the deal receive an income for their services and we also get our income from that amount. Generally this service doesn’t costs a penny to the consumer. Call for details 888-934-3444.
Understanding The Gateway Mortgage Short Sale Status
It should be abvious by now that Gateway Mortgage Package is a little bit difficult and lengthy document. Gateway Mortgage is not interested in making the process any simpler for its consumers 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 Gateway Mortgage
We can become your single point of contact for all the Gateway Mortgage related challenges if you work with us. You will find us the only ones who will provide best service in any kind of Mortgage relief service with Gateway Mortgage. We can help you to complete your short sale with them.
Call Us 888-934-3444 Today.
Gateway Mortgage Short Sale Package Breakdown
To Answer what is Gateway Mortgage Package?
When you will apply for a mortgage assistance with Gateway Mortgage the first thing required from you will be a completed package called Gateway Mortgage 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 Gateway Mortgage and Gateway Mortgage Modification process.
There are 8 Sections to the standard Gateway MortgageRequest for Mortgage Assistance (RMA).
Need Assistance With A Gateway Mortgage?
Need Assistance With A Gateway Mortgage?
Short Sale RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Borrower Information 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.
- Required Documention/Hardship Affidavit This section will require you to fill out your current finanical situation. Primary reason for your hardship and submission of applicable documentation
- Expense for Household. In this section you will be required to put the income of both the borrower and co-borrower. You will also be required to put the monthly income details of the whole household.
- DODD-FRANK Certification In this section you will have to certify to a certain things like you have not committed any felonies like theft money laundering, tax evasions etc
- Other properties owned In this section you are required to fill out Information about all properties that you or the co-borrower own, other than your principal residence.
- Other Properties for which assistance is required You are required to fill out that secction only if you are requesting mortagage assiatance for a property that is not your principal residence.
- Acknowledgement and Agreement In this section you have to certify that all of the information in RMA is truthful and hardship idtentified has contrubuted to submission of this request for mortgage assistance.
- Information for government monitoring purposes In this section you are encouraged to fill out the information like ethnicity and race of borrower.
Gateway Mortgage Is Difficult. Don't Go It Alone. Professionals Standing By.
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.