SHORT SALE PROCESSING INITIAL FAX SUBMISSION PACKAGE
TO: Four Legacies Mortgage Processing FAX #: 800-675-4930 FROM: ___________________________ FAX #: ____________________________ PHONE #: _________________________ Borrower: _________________________ Address: __________________________
PLEASE MAKE SURE ALL DOCUMENTS ARE INCLUDED FOR INITIAL SUBMISSION
Authorization and Release Form Listing Contract MLS information sheet of subject property (circle DOM) 3 sold comps or BPO Two most recent years tax returns or W2’s Two months most recent bank statements and one month’s most recent paystubs Seller hardship letter – signed and dated Copy of most recent mortgage payment coupon(s) Personal Financial Statement (detailing all monthly income/expenses) signed and attached Purchase Agreement (if finalized) – fully executed AND buyers’ preapproval letter (we can help with this too!) The Tyler Osby Team Sent Me!
Account Number: ___________________________
Request and Consent to Provide Account Information to Authorized Party I, _____________________________________________________ (“Borrower”) do
(Mortgagor/Co-Mortgagor Name) (Lender/Loan Servicer Name)
hereby authorize ___________________________________ (“Lender”) to release any and all information about my account to the third party indicated below. Under no circumstances will I hold Lender responsible for any claims, liabilities or damages that may arise as a result of or in connection with Lender’s provision of information pursuant to the terms of this Agreement. I further acknowledge and agree that applicable fees may be assessed to my account as a result of the authorized party’s request. I acknowledge that this authorization will remain in effect for the duration of time that Lender serves as the loan servicer for my account. I also acknowledge that should I wish to terminate this authorization, I will notify Lender in writing. Include all necessary third party information here:
Full Name of Authorized Third Party: ________Four Legacies Mortgage_______________ Street Address: _________ 1031 Office Park Rd, Ste 1 _________________________ City: ___ West Des Moines ______ State: ____ Iowa ____ Zip Code: ___ 50265 ___ Telephone Number: (_515_)_223-2343 Ext 200____ Fax Number: (_800_)_675-4930_____ Email Address: _______JACKIE@FOURLEGACIESMORTGAGE.COM__________
Full Name of Authorized Third Party: ____________________________________________________ Street Address: _________ _________________________________________________ City: ___ _____________________ State: ____ Iowa ____ Zip Code: _______________ Telephone Number: __________________________ Fax Number: (____)______________ Email Address: ___________________________________________________________
Primary Borrower (Print Name): _______________________________________________ Social Security #:_________________ Signature: ____________________________________ Date: ______________________ Co-Borrower (Print Name): ___________________________________________________
Social Security #:_________________ Signature: ____________________________________ Date: ______________________
Property Address: __________________________________________________________
Hardship Letter Example #1 Month 1, 200X To Whom It May Concern: In November of 2006 I purchased a new construction property located at ________ in Des Moines, Iowa. This beautiful home had several unfinished areas that I had planned to finish to add more value to the home and hopefully resale for a profit at a later date. I was counting on an investment I had made with a solar company to begin paying me large dividends beginning January of 2007. That investment did not come through and to this day I am waiting for some kind of monies from that initial investment. Shortly after this discovery, out of desperation I found a supposed investor who was willing to buy the home, make the payments for me at which time I allowed him to move into the property. After several months of him trying to qualify to purchase the home it was evident that with all the guidelines being tightened and programs being cut he wasn’t going to get a loan. Meanwhile all the statements were going to him and I had trusted him to keep up to date with all the payments. It was when my wife and I were trying to qualify for a wheelchair accessible van for my twelve year old daughter that we discovered he had allowed my loan to go delinquent. After many months I was finally able to get him off the property. I, at that time, had the locks changed and began cleaning up the property to get ready for sale. I realize that I am way behind in the payments and have no way to bring current. I have bought and sold real estate in the past and with the down turn in the market and the falling prices; I have struggled to make any sales to pay my bills and am having to consider bankruptcy as a last resort. My wife is a middle school teacher and makes a small salary. Together we have two biological children one who has a physical disability, many medical needs and uses a wheelchair for mobility. We are in the process of adopting a three year old little boy and I am concerned how a judgment in this matter may affect our ability to finish this adoption. Both my wife and I have been certified foster parents for the State of Iowa for two plus years now and also currently have 5 additional children in our home that we provide and care for on a daily basis. It is an honorable thing to do and we care deeply for all of these children. It is with deep regret to myself, my wife and family through the loss of this home. I don’t have any other resources to bring this loan current and I fear the worst, a foreclosure. I hope by me writing this letter the creditors will consider allowing this property to be sold in a short sale for that is what is being recommended to me and my family to save what little credit I have to provide for the future of my children and the many foster children I serve and love. Thank you for your consideration.
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John Q. Public
Hardship Letter Example #2: Month 1, 200X To Whom It May Concern: I apologize for not making my last three months mortgage payments. I have paid my mortgage faithfully on the three houses I have owned over the past twenty years. I have experienced multiple barriers to generating enough income to continue to pay my mortgage. Over the past six years, I have been caring for my unmarried partner who has multiple, debilitating illnesses. These illnesses include pulmonary hypertension, diabetes, diastolic heart failure, degenerative spinal disease, and osteoarthritis. Over the past two years, I have only been able to work part-time while I manage my family responsibilities, including raising two teenage girls. The costs of medical care, out of pocket related expenses and time off work have amounted to over $200,000. This is a lost income, added expenses for daily management and costs not covered by insurance. During the year, 2006, I made early withdrawals of approximately $68,917 (see form 5329 on my 2007 tax return) from retirement to cover expenses. I do not have further funds to deplete. Additionally, I took a job with the Veteran’s Administration in Des Moines in October 2007. The job, with a salary of $83,000 was temporary. This temporary position was supposed to be converted to a permanent position. Instead, due to a technicality, the position did not become permanent and was terminated. I have not been employed since February, 2008, although I continue to exhaust all my resources to obtain employment every day of the week. These factors as I am sure you can completely understand are embarrassing and put me in a precarious position. I urge you to consider my request to short sale my home. I initially put my home on the market in July, 2007, but the current housing market in Des Moines is such that the current value of my home is not enough to pay off my mortgage note. In an ideal world, I would be able to hold onto my home until the market improves, make my mortgage payments as I always have, and sell the home at a profit. Thank you for your kind consideration. I look forward to successfully concluding this short sale transaction with WAMU in the near future. Best Regards,
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John Q. Public
Hardship Letter Example #3: Month 1, 200X To Whom It May Concern: It has been requested that I explain why I am in financial peril: Before the tragedy of 9/11/01, I was working for the painters union, averaging $22/hour at the different jobs. There was plenty of work and overtime was easy to come by. I bought a house and had good credit. Then everything changed. A few weeks after the tragedy, things began to dry up and I was laid off. I was able to continue to pay my bills by unemployment insurance, selling off my possessions and using my credit cards. It seemed to me like I was laid off for an unusually long time. Then when I did get back to work, the pay scale had dropped down to $17/hour and it was extremely difficult to find any jobs that were paying overtime. I was behind the eight ball and it seemed impossible to catch up. I even fell behind on taxes; there was just no way to pay all my bills with my income. Now at Christmastime 2002, I’m laid off again; only this time the unemployment check is only $130 per week. The first unemployment check was $150, but that goes down to $130 in January. Last year unemployment was $350/week. I’m totally out of credit; there is no way to even come close to paying my mortgage and all the other obligations I have. It might come about that I have to file bankruptcy. Even if I go back to work for the union scale of $17/hour, I would still not be able to pay all of my obligations. I’m too far behind and farther behind every day. Thank you for your consideration,
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John Q. Public
Hardship Letter Example #4: Month 1, 200X To Whom It May Concern: The reasons for my failure to keep current with my mortgage payments are as follows: First my husband left me and immediately pulled all financial support. I was able to make my payments for a while and by working full-time at night and part-time during the day. I was laid off my full-time job in November 2002 which was the higher paying job. My mother who was living with me to look after my 9-year-old daughter has had to move elsewhere to look after her 90-year old mother. So now I have no childcare. I presently work part-time, 25 hours per week at $11/hour. My take home pay per month is less than $1,000. I do receive reduced unemployment benefits at this time but that will run out eventually. I am currently seeking full-time work but have not had any luck so far. With the divorce was a bankruptcy which left me with no car. I have had to cash in my retirement to buy a ’96 Cavalier which needed repairs, additionally adding to my inability to make payments. In closing this has been a devastating year for me; divorce, bankruptcy, losing my job of 8 ½ years and now losing my home. Thank you for your consideration,
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John Q. Public