what to expect from bank after I submit several offers for a short sale ?

[Martinique]

I have some solid buyers for my house and I am asking my bank for a short sale. I can technically pay the mortgage but was told I have a better chance of getting the short sale approved if I stop payments.

I am in California. Only one loan, no liens, perfect credit.150K under water.

What can I expect from the bank in terms of contacts? Will they call me to offer me another solution ? How much information do I give them on the phone ? I am a little worried. I have a good real estate agent and I'd prefer the bank to go through the agent but I've heard that they often contact the owner. My wife is worried as well...doesn't know what to say if the bank calls us.
Any advice from people in similar situations would be appreciated.
Thank you

[Cat Damiano]

If you want the communication to go through the agent, then you would just need to send the lender an authorization form, which should have been in the short sale package, allowing them to work through the agent.

[Cincheetah]

I've just started my process with CiTi - in a few days I will be 3 mns late. I only spoke to the Citi person once, she explained moving forward everything else is going through my agent. The phone call with her was restating my hardship verbally and her telling me what docs they need moving forward and if the short sale brought no buyers a DIL would be considered. I think we were on he call under 10 mins. It was painless.

[Martinique]

Our short sale buyer is willing to agree to an escrow period of 45 days or even more. Will this be acceptable to the lender or do they have stricter guidelines to make the escrow period shorter?
What is the average time it takes to close escrow from the date of short sale approval ? we're worried about being able to find a place to live...we live in a tight rental market.
thank you for any information you may have on this issue.
Martinique

[Cat Damiano]

Martinique,


Your real estate agent should be able to answer any of your questions in regards to your short sale that you have. At this point you should have given them the authorization to speak with the lender on your behalf. Depending on how many liens are on the property, the short sale process could be anywhere from 45 to 120 days or more.

[Martinique]

Martinique,


Your real estate agent should be able to answer any of your questions in regards to your short sale that you have. At this point you should have given them the authorization to speak with the lender on your behalf. Depending on how many liens are on the property, the short sale process could be anywhere from 45 to 120 days or more.

Well,my agent says lenders won't go for escrow over 30 days. I am trying to verify if this is really true. I have only one loan, no liens. Who decides on the length of escrow after short sale approval ?

[Cat Damiano]

That would be up to the lender to accept the closing date and sign off.

[Martinique]

Would it be legal or a bank to request medical records when I am claiming a harship based on very serious health issues which I would like to keep private?
Thank you

[Cat Damiano]

Yes I have heard that the lenders are requesting proof of medical hardship if that is what you state and just as they ask for proof of financial hardship, they can ask for documentation of a medical/health one.