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Information on short sale negotiating service

How a Short Sale Works

A “short sale” is a term coined to describe a transaction in which a lender agrees to accept, as full satisfaction of a debt, an amount less than they are entitled to collect by law. In order for the lender to accept a short payoff, they must decide, with the help of some well placed gentle persuasion, that it is in their best interest to accept a lesser payoff.

The lender receives detailed information on the borrower’s situation in detail with the submission of a short sale package. (A successful short sale transactions usually starts with a short sale package is crafted and submitted by 180 Loan Workout Company, Inc.) The reality is however that anyone can prepare and submit a short sale package to a lender.

The short sale package contains items such as a short application type form (most banks have one in particular that they like to use), copies of personal items (such as 1099’s, bank statements, pay stubs, driver licenses), and, most important, the borrower’s handwritten hardship letter.

Our 180 short sale packages include our "secret sauce" (hard-to-locate facts and arguments) which enable our technicians to confidently submit offers and negotiate with lenders.

The lender will take some time to review these documents and return an answer as to whether or not they will approve any sort of short sale. It is in the borrower’s best interest to gather and submit the requested documents quickly. Remember, if a foreclosure action is pending it is still marching forward.

Find Out About Stopping Your Foreclosure Sale.

The lender approval process can take weeks or even months, so all parties are encouraged to patient. If 180 is handleing your tansaction, they will remain in contact with the lender regularly and all parties are kept informed via weekly email notifications.

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Trained loan workout specialists receive contact information for homeowners seeking this type of assistance Short Sale Opportunity.

For more information on becoming a trained 180 loan workout specialist please vist our products page Links to our Product Page.