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Be Wise When Picking Out Your Short Sale Processor

Be Wise When Picking Out Your Short Sale Processor

Our Title Insurance Company, Home Guardian Title, has processed quite a few short sales over the past 5 years.  Our estimate is that we’ve processed over 500 but we like to be conservative and market that we’ve processed "hundreds".Foreclosure | Short Sale

Experience shows that you must be very careful in whom you entrust to work on your short sale.  If the transaction is not approved, you may risk a future foreclosure.  While nothing is guaranteed, using a company with a proven track record increases the chances of a short sale approval.

Case 1
We took over a file approximately 3 months ago which had been submitted by another company for short sale consideration over 1 year (prior to our receipt of the file).  The firm handling the transaction was unable to facilitate an arrangement with the Seller’s bank.  The Seller, who had a true financial hardship, contacted Home Guardian Title and gave us the file to "work".  Within 60-75 days the transaction was approved by the Seller’s lender.  Fast forward another 20-25 days and the transaction closed.

If we were not fortunate enough to handle this transaction after the "hand off" then who knows what would have happened to the property — it very well may have ended up foreclosing.
Home Guardian TitleCase 2
On March 4, 2011 I put a property under contract.  The property is a short sale.  The Seller has a relationship with a firm who handles short sales and decided to use them to facilitate the transaction.  As of the time of this post (6 months later), the transaction has yet to be approved and the Lender continues to ask for additional documents to "process" the file.  The lender’s name is Aurora.
Since March 4, 2011, Home Guardian Title has received 2 files from Aurora which have since been approved for short sale.  The difference — I have no idea!!  What I can tell you, however, is that this is not an isolated incident.  The liklihood of a short sale being approved is directly proporational to the experience of the short sale processing company handling your file.

Because this document contains information regarding short sales, the government requires the following disclosure:


MORTGAGE ASSISTANCE RELIEF SERVICES RULING

“MARS”

FTC REQUIRED DISCLOSURE FOR GENERAL COMMERCIAL COMMUNICATIONS

IMPORTANT NOTICE:

Home Guardian Title, Inc. (Name of Company) is not associated with the government, and our service is not approved by the government or your lender.
Even if you accept this offer and use our service, your lender may not agree to change your loan.

If you stop paying your mortgage, you could lose your home and damage your credit.
General Commercial Communication: means any written or oral statement, illustration or depiction, whether in English or any other language, that is designed to effect a sale of real property or create interest in purchasing any service, plan, or program, whether it appears on or in a label, package, package insert, radio, television, cable television, brochure, newspaper, magazine, pamphlet, leaflet, circular, mailer, book insert, free standing insert, letter, catalogue, poster, chart, billboard, public transit card, point of purchase display, film, slide, audio program transmitted over a telephone system, telemarketing script, “on hold” script, up-sell script, training materials provided to telemarketing firms, program-length commercial (infomercial), the Internet, cellular network or any other medium. Promotional materials and items and Web pages are included in the term “commercial communication.”



Rick Schuster

Licensed Real Estate Broker – Jaycee Realty, Inc.
Licensed Title Insurance Agent – Home Guardian Title, Inc.
Licensed Mortgage Broker – Leading Edge Mortgage Corp
20283 State Road 7 – Ste 400
Boca Raton, FL 33498
561-206-2835 – via Google Voice
561-988-2546 -Fax

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