position your asset for short sale protection
Realtors generally ask you to fill out the banks short sale package.
They generally put the hard close on you and want you to sign on their listing paperwork right away.
This is frequently a very bad idea.
If you have assets or other income… you need time to tailor your short sale package.
In short you need to “pre-position” (TM) your assets.
Short Sale Packages are Like Depositions by Collection Companies
When you call a short sale Department you receive a warning that you lender is a collection agent.
There is a reason why the short sale dept has to give you that warning.
Here is a blank short sale package from Real Time Solutions. One of the Short Sale Negotiating Companies Bank of America outsources short sale to.
for two reasons.
1. Banks short sale packages are like loan applications with hardship letters. The ask short sale applicants to prove up their hardship.
Banks Short sale packages ask for varying disclosures. We advise our client to answer the questions accurate but volunteer nothing extra. The same advice we gave clients who were having their depositions taken. Interestingly, client’s accurate answers vary.
For instance if Wells Fargo asks you to disclose cash, does that mean you should disclose CDs or money market accounts?
What if you are asked to sign and arms lenght affidavit
