PHH Corporation Short Sale

PHH Mortgage Short Sale Process

It mainly depends on your investor that sometimes you will first have to apply for PHH Loan Modification but once you have been declined the PHH short sale process is pretty simple:

1. To initiate the short sale process of PHH Corp. our agent will have to place a call to PHH Corp. and talk to their councellor.
2. It will be required of you to submit the completed PHH Request for Mortgage Assistance Package with the supporting documents and with complete finances.
3. Property valuation will have to be completed by Broker’s Price opinion (Certain Investors Require Two Interior Inspections)
4. Negotiation of terms with PHH Corp. About Short Sale Fees And Costs To Be Paid Out Of The Seller’s Proceeds.
5. Lender (PHH Corp.) Provides A Response To Short Sale Offer Made.

If you or anyone you know has been through the short sale process with PHH Corp. you or them will have noticed that they are not easy to deal with. You will have to face a lot of difficulties. It is typical during the process that you will have to repeat the same steps over and over. During the short sale process with PHH Corp. we will have to run around from department to department. Maybe the Loan Modification department needs to close it out or the PHH short sale department doesn’t have someone assigned to PHH 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.

PHH Mortgage Short Sale Timeline

The timeline of PHH Mortgage short sale process depends on some simple factors and other some not so simple factors. These are just a few of the hoops we jump through when dealing with a short sale.

• For one, PHH Corp. is a company that only services mortgage notes. PHH Corp’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 PHH Corp. to make all the decisions themselves. The investor only allows the company to take some of the decisions themselves so for the decisions that they are not allowed to make 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, The question that whether you PHH Mortgage has a short sale or not also has an effect on the short sale timeline. If a home is in foreclosure and it comes to stopping the sale so that PHH Short Sale can be completed then they can be pretty difficult to deal with. It can majorly improve you chances of getting bumped up in the process if you can get a value completed. Remember that a company like PHH Mortgage 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 PHH Corp. 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.

PHH Mortgage Short Sale Timeline Conclusion: Your PHH 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 PHH‘s Loss Mitigation department received the PHH Short Sale Application documents are received (readble) and other factors will come together to effect how long it will take for your PHH Short Sale process to be Approved.

How To Fix A PHH Short Sale Decline?

Often dealing with PHH 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 PHH 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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