The short/payoff process

I would like you to always know what is going on during the process of working with your mortgage company. The trustees, the office manager or myself, will keep you informed over the phone about, what is happening: however, the following is a general guideline for how the process works:

Steps in the Process:

1. Send in the authorization form and get in touch with the mortgage company to gather information and begin process. [1-3 business days]

2. Receive short sale package from Mortgage Company, put together paperwork in office, and fax our offer back, [1 week after step 1 if we have all of your financial information such as tax returns, hardship letter, bank statements, sales contract, and pay stubs etc.]

3. Meet the realtor or appraiser (sent by bank) at your house. [1 week after step 2]

4. Call back Mortgage Company after they receive the appraisal to ask for a decision on our offer [2-5 business days after step 3]

5. If they reject our offer, we will counter-offer and explain why they should take our offer [1-4 weeks after step 4: there is such a big time frame because some companies are so busy and lots of business such as Countrywide, Chase, WAMU or Wells Fargo]

6. If we get an acceptance from the bank at our price, then we can usually close/pay off your mortgage within 14 days after step 5. If we cannot get an acceptable price to pay it off, we will continue to market your house so that we can try to find a new buyer and pay it off that way.

Unfortunately this entire process does not always go extremely fast, but you can be assured that on our end we are always staying on top of things, contacting your mortgage company, and trying to move the process along. In general, from beginning to end. the process will take two weeks to two months, depending on your default status.