Trevana Properties
What We Do
In order to enable over leveraged properties to be sold, Trevana Properties, LLC will negotiate with mortgage lenders and other lien holders to obtain releases. We provide liquidity to lenders, investors and homeowners by working as loss mitigation specialists for real estate agents, attorneys, homeowners, mortgage brokers and other investors. Our services also include our ability to purchase large pools of REO'S, non-performing and performing mortgages from banks and lenders being a reliable source for their balance sheet needs.Know Your Business
We know how important it is to stay up to date with changes taking place in the market as well as the short sale business. Not only do we provide a product to help you simplify and manage your short sale business but you can find the latest information about the short sale industry, new laws and tips from other successful short sale professionals. The National Association of Realtors has indicated a majority of sales in 2009 will be short sale transactions. Our experience provides the best opportunity for success for short sale management.Short sales can be stressful and a time-consuming process. But in many cases they will be necessary in order to get you out from under your mortgage debt, especially with property values declining like they are today. By doing a short sale, you will be able to take a large bite out of the money you owe to your mortgage company, so that you are no longer liable for the entire amount.
In order to start the short sale process, there are several documents that are needed from you (see below). First off is a third party authorization. This form is so that a third party can speak to the bank on your behalf. This will be included with the rest of the short sale package, or it can be sent over ahead of time. In cases where your Lender requires your property to be listed in order for them to accept a short sale, then we can refer you to many of our top-producing, local agents that we have worked many successful short sales with.
Typical Short Sale Requirements (to be collected from the homeowner)
- Hardship letter – which states what happened to cause you to fall behind, when it happened, and what you’re doing to fix the situation
- Financial worksheet – a breakdown of all your income and expenses
- Your last month of pay stubs or a recent profit and loss statement if self-employed. If you can’t provide either of those then you’ll need a signed and dated explanation of why.
- Your last two months of bank statements
- Your last two years of tax returns (the first two pages only)
- Purchase and Sales Agreement and a listing agreement
In some cases your lender may require additional documentation, or they may require updated documentation, so always keep important paperwork handy and be ready for those requests! If you’re unable to provide requested paperwork in a timely fashion the lender may close your file and you’ll need to start all over! *please note: If you don’t have one or more of the short sale required documents please hand write a letter stating why you do not have that document(s) and sign and date it.
Once those documents are collected the short sale package will then be submitted to the lender(s) and the process will begin. And once the process has been initiated on your property you’ll be able to check the current status of your short sale by visiting Trevana Properties. You will be given a secure login and password to view the status of your short sale in Real-Time. You’ll also be able to access any other documents you may need, or that will be needed from you.
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