Home Point Financial Corp. Short Sale

Home Point Short Sale Process

In some of the cases there is a requirement from the investor that you will have to first apply for Home Point Loan Modification but once you have been denied for it the process for the short sale is pretty straight forward :

1. Our agent will talk to the councellor of Home Point to initiate the short sale process.
2. You will be required to submit Home Point Request for Mortgage Assistance Package.
3. It will be required to schedule and complete a broker’s price opinion (Some investors require two interior inspections)
4. Numbers for purchase prices and closing costs will have to negotiated with Home Point about Short Sale Fees And Costs To Be Paid Out Of The Seller’s Proceeds.
5. Lender Home Point Mortgage Provides A Response To Short Sale Offer Made.

Sadly the short sale process with Home Point Mortgage is never easy. When applying for the short sale it sometimes feels like that something always comes up. It is a pretty common phenomena that you will have to repeat the same steps over and over. While dealing with Home Point short sale process we will have to run from department to department. The Loan Modification Department maybe needs to close it out, or the short sale department doesn’t have someone assigned to Home Point Mortgage 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.

Home Point Mortgage Short Sale Timeline

While dealing with the short sale it can greatly help the process if you know what effects the timeline of the short sale process. These are just a few of the hoops we have to jump through when dealing with a short sale.

• For one, Home Point Mortgage is a company that works only as a servicer of mortgage notes. Home Point Short Sale package is generally only a piece of what governs ASC’s mortgage servicing as they have to bide by the PSA or Pooling and Servicing Agreement that sets the rules for each and every loan; This contract is directly between servicer and investor. The investor for which Home Point is servicing do not allow them to take all the decisions themselves so this means that for decisions they cannot take themselve 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. The more parties you have to deal with the longer it’s going to take.
• Additionally, The fact that whether your Home Point loan has a sale date or not also greatly effects the timeline. Home Point can be really tough to deal with when it comes to stopping the sale so the Home Point short sale process can be completed. If you can get a value completed your chances of getting bumped up majorly improve. As a loan servicer they have homes being sold at auction every day. Sale dates even for the coming week are not worked with ugency you would expect. As a first come first serve business model it can also be influenced by foreclosure status and proximity to the upcoming sale date (if applicable).
• Finally, not all negotiations are equal; This goes for both sides. Often miscomunication is the number one reason why a short sale fail. People become very specialized in this niche of representing homeowners (borrowers) infront of Home Point Mortgage 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.

Home Point Short Sale Timeline Conclusion: Your Home Point Short Sale Timeline will vary based on many different factors. Decisions that 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 Home Point’s Short Sale Department compared to what the offer is that is being made to them, how fast Home Point Loss Mitigation department received the Home Point’s Short Sale Application documents are received (readable) and other factors will come together to effect how long it will take for your Home Point Loan Short Sale to be Approved.

How To Fix A Home Point Loan Short Sale Decline?

Often dealing with Home Point 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 Home point short sale offer was rejected. Have us review your declined short sale for free by calling us at 888-934-3444.

Home Point Loan Servicing Contact Information

Home Point Mortgage Customers

 Home Point Consumer Complaints and Reviews