What's the First Step in A

Naperville IL Short Sale?

What's the First Step in A Naperville IL Short Sale?

Before you ask your Naperville IL short sale agent to place your short sale listing into the MLS, it’s important to know the first step in the short sale process.

Don’t make the big mistake of other overly anxious sellers who skip the first step of the short sales process and immediately jump into accepting offers. More often than not, this less-informed method only leads to more stress and anxiety. Take the time to learn about the important first steps in the short sale process, and you will be in a stronger position to consider the right offers.

What's the First Step in A Naperville IL Short Sale?

The first thing you should do, with the help of your short sale agent, is to identify what type of short sale you have.

The secret to identifying what kind of short sale you have lies with your lender and the type of mortgage loan on your home.

What's the First Step in A Naperville IL Short Sale?

Here is a step-by-step checklist of the first things you should do in the short sale

process

What's the First Step in A Naperville IL Short Sale?

1. Contact your lender. Start by calling your lender’s customer service number and ask for the Loss Mitigation Department. Have your mortgage loan number ready.

2. Request for the lender's authorization form. This will allow your Naperville IL short sale agent to speak to the lender on your behalf. Send back the signed authorization form to the lender as soon as you hire an agent. It takes up to 5 days for the lender to acknowledge your authorization letter, so don't delay.

What's the First Step in A Naperville IL Short Sale?

3. Ask your lender what type of loan you have. Find out if your bank owns the loan or if it is merely a servicer of the loan. If your bank is just the servicer, ask the bank who owns your loan.

4. Depending on the type of loan, choose your type of short sale. Each short sale is different and if you choose the wrong type of short sale, you risk facing personal liability and losing out on possible relocation assistance funds.

What's the First Step in A Naperville IL Short Sale?

Here are some of the different types of short sales based on the type of loan and the short

sale seller’s personal situation

What's the First Step in A Naperville IL Short Sale?

• HAFA Short Sale - This is only available to sellers of a personal residence who are going through a severe financial hardship and have limited cash assets. The HAFA short sales aim to streamline the short sale process, release the seller from financial liability, and provide relocation assistance.

• Traditional Hardship Short Sale - The short sale seller’s hardship letter will be closely evaluated. Borrowers with loans that were originally purchase money loans have a better chance at a successful short sale.

What's the First Step in A Naperville IL Short Sale?

Ask Teresa Ryan about these types of short sales in Naperville and the Chicago area market.

Strategic Short SaleFannie Mae Short SaleFreddie Mac Short Sale

What's the First Step in A Naperville IL Short Sale?

These are just some of the several types of short sales. The best thing to do before proceeding with a

Naperville IL short sale is to work with an experienced Naperville IL short sale agent

who can help you navigate the short sales process.

What's the First Step in A Naperville IL Short Sale?

If you are ready to do aNaperville Short Sale

call me, Teresa Ryan at 630-276-7575.As a certified short sale agent and Broker/Owner Ryan Hill Realty - www.RyanHillRealty.com,

I have the experience and tools to help you sell your Naperville short sale home.