My first experience with this: client in pre-foreclosure; time is running out; I approached mortgage company about possible short sale; mortgage company faxes 1 sheet form for client to list her financial data.

In the past several days, two investors have made offers. One is really low, and I've already faxed it to the mortgage company. The other came in yesterday and it's much higher. I plan to fax that one too, since no decision has been made on the first.

I have been faxing the information to a "loan rep" who is to be turning all over to the loss mitigation department. He says it could take up to 1 month for an answer. That's a long time, although both investors are aware of this. (does it have to take that long?)

So what's next? Is the mortgage company my client's "friend" or should I expect a less than cooperative response? Prior to her listing with me, the loan rep told her to send in a payment and attorney's fees to stop the foreclosure. It wasn't in writing. I told her I didn't think it was a good idea.
Apparently, the lender's attorney already had the file, but no sale date has been set.
Do I deal with the attorneys, or just concentrate on the lender?

SHORT SALES CAN BE A PAIN IN THE.... You for now need to deal directly with the Lender. Most companies will not release information to an agent unless they have a "Release of Information" signed by the customer (your client). It doesnt usually take up to one month, or it shouldnt. You need to know other things like: Does she only have one mortgage or is there a second? How far behind is she? (Many lenders will not post payments if the person is a couple of months behind, they hold it OR mail it back). How long do you have? If they havent set a date then you probably have a little time - thats the case in TN anyway. She will probably have to submit tax returns, current paystubs, and a hardship letter along with her financial information. Also, if they are going to approve a short sale, it probably wont be until they have a couple of BPO's completed. Just keep calling and keep asking... eventually you'll get your answers! Good luck.

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Nathan Brown
Bender Realty
REO Specialist
800-713-3129
NBrown8214@aol.com