Loss Mitigation Packets
Often times when you are about to begin the process of a short sale someone will ask whether you have received your loss mitigation packet. So what is this packet and what does it look like? The team at SoCalShortSale.net thought we would answer this question briefly and we also created Short Sale Facts for Home Owners Book that you can get so you understand the facts about short sales.
Loss Mitigation packets are information provided by the bank or banks that you have a loan with. If you have two loans on your home you will need to submit loss mitigation packets to each bank. Each of them is different but they have detailed lists of information that they require in order to process and hopefully approve your application.
Loss mitigation packets are different for each bank.
What is contained in Loss Mitigation Packets?
These detailed packets that once filled out by you the home owner can often exceed 25 or 30 pages with the kind of information that they contain. For detailed information on what is included in these packets please request our FREE Short Sale Facts for Home Owners Book or see our Bank Questions page that outlines some of the forms that are included.
Does someone help me fill out the Loss Mitigation Forms?
The team at SocalShortSale.net guides our clients through filling out their loss mitigation packets. An incorrectly filled out packet can cause an application to be denied and a home to go to foreclosure and that does not help the home owner. It is extremely important to get the packet filled out correctly the first time as an incorrect application can be shredded by some banks and not accepted or at the very best delay the approval process.
How do I send in the loss mitigation information?
Each bank has their own requirements as to how they like to receive the information from their clients. Some require a printed version of all materials while others allow fax or e-mail. The team at SocalShortSale.net will determine what your bank or banks require so that you have the highest chance of success for approval.
If you are considering a short sale and want help with your loss mitigation packet we can help. Fill out our Home Owner help form and a loss mitigation specialist will contact you to assist you.