WaMu Short Sale Programs - Mortgage Short Sale Process Review For Home Owners

WaMu Short Sale Program has been specially designed for all the home owners who are facing financial hardship due to which they have not been regular on their mortgage payments with the bank.They want to avoid foreclosure at every cost to avoid bad credit report . The main reason why people are looking for short sale instead of foreclosure is because; a foreclosure will stay with them in their credit history for whole throughout their life. This will lead to many problems in availing a loan or any other credit facility with any of the bank.



WaMu Mortgage Short Sale Process for Home Owners:



1. You need to appoint a legal advisor who will take care of the entire short sale process on your behalf. This advisor would contact Wamu and take all the desired information on how to proceed.



2. After this, first thing that you are required to do is format a letter for giving all details about your property and the loan on the property. This letter is to be given to the buyer.



3. Now you have to present a hardship letter for short sale to WaMu along with the desired documents that will be a proof of the reasons that you are going to state in the letter.



The hardship letter must contain two essential elements:



- Reasons which led to your financial crisis



- Steps taken by you to counter the problems



4. WaMu will now verify the letter which will be a proof of the settlement. This letter includes your coated price for the sale of the property and all other additional expenses that are linked up with the short sale process.



5. Depending upon the prevailing rate in the market and state of your house, WaMu with the help of a broker will decide the best rate on which the property can be sold off.



6. Now after the short sale is done, WaMu will again check the agreement of purchase to make sure, no alterations have been done in the agreements terms and conditions.