Planet Home Lending, LLC Short Sale

Planet Financial Short Sale Process

Sometimes your investor will require of you to submit application for Planet Home Lending Modification but once you have been denied the process is simple:

1. To initiate the Planet short sale process our agent will place a call to Planet and speak to their councellor to start the short sale process.
2. Planet Request for Mortgage Assistance form will have to be submitted.
3. A broker’s price opinion will have to be scheduled and completed (Certain Investors Require Two Interior Inspections)
4. Negotiate Numbers For Purchase Price And Closing Costs With Planet Home Lending About Short Sale Fees And Costs To Be Paid Out Of The Seller’s Proceeds.
5. Lender (Planet) Provides A Response To Short Sale Offer Made.

The short sale process with Planet Home Lending is never easy. When applying for mortgage asisstance it feels like there is always something that comes up. Repeating the same steps over and over again is typical while dealing with short sale negotiators. It’s part of the process to know that we will have to run around from department to department at Planet Home Loan. The Loan Modifiation Department maybe needs to close it out, or the short sale department doesn’t have someone assigned to Planet 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.

Planet Home Lending Short Sale Timeline

Dealing with what effects a Planet Short Sale timeline’s and knowing that they vary on some very basic and other not so basic elements can really help with the process. These are just a few of the hoops we jump through when dealing with a short sale.

• For one, Planet Home Lending functions only as a servicer of mortgage notes. Planet Short Sale Application is generally only a piece of what governs Planet’s mortgage servicing as they have to abide 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. Planet is not always allowed to make all the decisions themselve. for decisions that they are not allowed to make themselves they have to get aproval 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 layers of burueacracy you’re going to deal with the longer it’s going to take.
• Additionally, The thing which effects your Planet short sale timeline is whether or not you have a sale date.  When it comes to stopping a sale date so Planet short sale can be completed, Planet Home Lending can be tough to deal with. Your chances of getting bumped up improve if you can get a value completed. 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 negotiators were created equat; This goes for both sides. Often miscomunication is the number one reason while a short sale fails. People become very specialized in this niche of representing homeowners (borrowers) infront of Planet 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.

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

How To Fix A Planet Short Sale Decline?

Often dealing with Planet 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 Planet 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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