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Regions Mortgage Short Sale Application, Forms And Packages
Are You Still Dealing With Regions Mortgage By Yourself?!
?Are You Still Dealing With Regions Mortgage By Yourself?!?
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Step 1: Regions Mortgage Short Sale Experts
Finding The Right Short Sale Agent
Finding The Right Agent
It is most important that you find the right kind of professional to deal with your short sale because there are very few professionals who know waht they are doing even though short sale is a common process. The surprises should be kept to a minimum. If you can’t figure out where to turn to, we have got a great team of professionals nationwide to assist you. 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!
Getting your property listed is also an important step but for this you have to work with a broker so that the property gets reviewed fairly. Just bringing an offer to the lender will not be allowed. Documents such as the MLS Listing and MLS History will be demanded as a proof that a property has been properly listed. Until this process has been completed you can not proceed further and the First of the documents that you will need for the process to go forward will be the listing agreement.
Step 2: The Short Sale Offer
Real Estate Short Sale Definition
What is a short sale?
The type of sale for which the offer is less than the total debt taken against the property is called as a short sale. Your application cannot be reviewed unless you have an offer no matter which lender is servicing you. From the offer the lender also wants to calculate the net amount that you will make them in the end after deducting the closing costs. The closing costs include Past due taxes, 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 best quality a potential buyer can have. A buyer willing to wait will be better in the long run when compared to an all cash buyer or even whose offer is more. To make sure the offer is solid the broker will need to interview the candidates. Only the buyer is not importnat but the broker representing is also very important.
Previously Approved Short Sales
Previously Approved Regions Mortgage Short Sale
Some brokers mislead the consumers by saying that their previous short sale with Regions Mortgage was approved. Even if they had previously approved it they will still need to make a full review of it.
Step 3: Submit Regions Mortgage Short Sale Package
Regions Mortgage Short Sale Submittal
Submitting Your Short Sale Package to Regions Mortgage To Get The Process Going.
What is in the Regions Mortgage Short Sale Package?
Usually all the lenders require the same kind of documents which includes Regions Mortgage. Following is the list of documents which are usually asked for: 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. That’s only the beginning. As a short sale seller it will be a requirement from you to submit 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: Regions Mortgage Short Sale Broker's Price Opinion (BPO) or Appraisal
Regions Mortgage Short Sale Value
Getting The Right Value Goes A Long Way.
It can only be confirmed whether you qualify for a short sale or not after completing a valuation. Valuation is usually done by a broker who compares properties in the same area which are either listed or have been sold within 3 to 6 months. Many conditions like home’s 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 are considered by the agent. Market conditions and how fast homes are selling in the area are taken into consideration. There are many factors that are taken into consideration.
Regions Mortgage Short Sale Appraisal
Short Sale Appraisal Values
Regions Mortgage as its name suggests is only a mortgage servicer who is always representing the interest of an investor who is already facing a loss so they will want to complete a value. An appraisal is taken in case when the investor requires a deeper insight. Appraisers have specific licenses for valuing 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.
Regions Mortgage Disputes and Variances
Filing Value Disputes and Variances
Sometimes a value returns too high, then what? This is a common occurance and can happen to both rookies and experts. Sometimes the broker is not from the same neighbourhood as the properties so they make a mistake and compare properties that have nothing in common.
Step 5: Finalize Short Sale Terms
How Long Does A Regions Mortgage Short Sale Take
Regions Mortgage’s Short Sale Time Line Coming To An End.
This is the time when the undersigned will decide the fate of your short sale application as to whether approve it and present it to management or not. Usually an auditing process occurs before presenting the file to the management and then there is a another before issuing the approval letter.
Regions Mortgage Short Sale Counters
Regions Mortgage Counters Short Sale
This time can prove itself to be a tough time as at this time Regions Mortgage may decide to make a counter to your application or to altogether reject it. Specials skills gain-able only from experience are required to compete with either of these challenges. Easy tasks can be done by anyone but it is the difficult tasks that are hard and separate the experts and rookies.
Step 6: Closing A Short Sale
Short Sale Escrow
Short Sale Escrow.
A short sale escrow is closed in a similar way as to the typical escrow. Once all the bedt holders have given clearance you can go ahead with the typical escrow process. A title search should now have been completed to assure that all the parties affiliated with the property have been addressed.
Short Sale Extensions
Regions Mortgage Issues Short Sale Extension
What happens if the approval letter expires and we are not able to complete the short sale process? This is a question we get all the time and there isn’t a simple answer to it. It depends on delinquency of the mortgage, whether the value they had 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 Regions Mortgage’s Management. Results may vary greatly but the best part of our services is we only get paid if the transaction successfully closes (we are generally paid from the real estate commissions awarded to the agents involved and paid out of Regions Mortgage’s net).
We've Been Dealing With Regions Mortgage For Over A Decade!
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How Does ACG Get Paid?
Absolute Consultant Group has a great team of professionals ready to work with the local broker to get the property sold on time. We are paid our fees directly by Regions Mortgage from the escrow closing account. If the transaction fails to close we will not get our fees. Some amount is paid to the brokers invoved in the deal as fees for their services we also get our income from that amount. Usually the seller will have to spend nothing for this service. Call for details 888-934-3444.
Understanding The Regions Mortgage Short Sale Status
If you have seen the package uploaded on our website you will have noticed that is is not an easy document and Regions Mortgage have not done anything to imply that they want to make the process simpler for their consumers but that’s why ACG is here to assist you with your application for the short sale process to get mortgage assistance from your servicer.
Assistance For Regions Mortgage In America
If you need any type of help with Regions Mortgage related challenge Absolute Consultant Group (ACG) is here to help you with it. We can become your one stop shop for all the mortgage relief services. We will work with you through the whole short sale process from start to finish.
Call Us 888-934-3444 Today.
Regions Mortgage Short Sale Package Breakdown
If you need to know what is Regions Mortgage short sale package? A package called Regions Mortgage Request for Mortgage Assistance (RMA) will be the first requirement from the consumers applying for mortgage relief with Regions Mortgage. You should always confirm that the package you are submitting is the latest one; Before submiting always check with a professional. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their Regions Mortgage Loan Modification and Short Sale process.
There are 8 Sections to the standard Regions Short Sale Package.
Need Assistance With A Regions Mortgage?
Need Assistance With A Regions Mortgage?
Short Sale RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Borrower Information This section requires the complete information of the borrower and co-borrower. This section will also ask whether your property is listed for sale etc.
- Hardship Affidavit This section has hardship options from which you will need to tick out the correct ones showing the reasons for your hardships.
- Principal Residence Information You will put all to answer few questions about mortgage assistance,homeowner association etc.
- Income and Expenses You will put all the details about the total income of the borrower /co-borrower and details of the monthly expenses.
- Other Properties Owned This section contains will require you to answer questions about other properties, address and insurance paid etc.
- Other Property for which assistance is requested Only complete this section if you are requesting mortgage assistance on a property that is not your principal residence.
- Rental Property Certification This section requires your signature authorizing that everything you have stated is true etc.
- 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
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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.