Short Sale Process Overview
Initiating a Short Sale
Customers should call the Workout/HOPE call center at 1.800.669.0102 to discuss their workout options after becoming delinquent. If other workout options do not apply, then the Short Sale process is discussed. Countrywide can discuss Short Sale transactions with the customers or their authorized agent. Our Short Sale team can be reached at 1.866.880.1232. A discussion is held regarding the Short Sale process and the documents that need to be faxed to CHL to begin the process.
Please Note: The borrower must have a current or eminent financial hardship and the loan must be delinquent.
While the discussion and upfront verbal agreement to begin the process are important, the formal process officially starts when we receive the signed purchase contract, listing agreement, copy of MLS history and preliminary HUD 1 statement.
Property appraisals
Once we have received a copy of the signed purchase contract:
- Within approximately 2 days of receiving the faxed documents, the customer or agent will receive confirmation of the received purchase contract. If the offer is possibly viable, an interior appraisal will be ordered.
- Within an additional 3 days an appraiser will be assigned, they will contact the customer or their agent to schedule an appointment to conduct an interior appraisal.
- Approximately 7 to 10 days after the appraisal is ordered, the results of the appraisal will be received by CHL. This is absolutely dependent on obtaining access to the property in a timely manner.
- Upon receipt of the appraisal, CHL will conduct an analysis to determine if the Short Sale offer is aligned with the fair market value.
Additional negotiations or information may be requested, (examples of but not limited to):
- Purchase price
- Changes to the HUD 1 statement
- Funds and/or a promissory note from the borrower
- Information about the buyer
- A deficiency letter signed by the borrower
- Explanation of the hardship
- Most recent month's income verification or if self employed, last 3 months P&L
- Most recent year's tax return.
Finalizing the request
Once all parties, including additional lien holders, have agreed to the negotiations, CHL and/or its investors/insurers will render a decision within approximately business 5 days.
The decision to accept or decline the short sale will be communicated to the customer and/or their agent within approximately 48 hours of the decision.
Short Sale Customer Service - 1.866.880.1232
Short Sale Fax -1.888.491.4947