Everhome Mortgage

Short Sale Telephone: 800-669-7724   |   Short Sale Fax: 904-281-2337   |   Customer Service: 800-669-9721

Required for Initiation

  1. Loan Number
  2. Last 4 digits of the SSN
  3. Property Zip Code

All documents must be emailed and/or faxed directly to the lender.

To initiate the process, fax:

  1. PSA
  2. HUD
  3. Buyer Pre-Approval/Buyer Proof of Funds
  4. Borrower financial information (see Doc Pac)
  5. Listing Agreement
  6. 4506T Form

The Process

Everhome negotiates short sales in three structured phases:

  1. Processor: (Single Point of Contact)
    1. After documents are submitted, a Single Point of Contact (SPOC) is assigned to the file to review the documents for completeness
    2. The SPOC collects additional documents, requests document corrections and deems the file complete
  2. Negotiator: (Specialist)
    1. When a file is deemed complete, a Specialist is assigned
    2. The Specialist will order the BPO and submit the offer to the underwriter for review
    3. After the underwriter’s review, the Specialist submits the file to the investor for a final decision
  3. Closer:
    1. Once a file is approved, a Closer is assigned to issue extension and final HUD approval

Timeline for Approval

  1. Initiate the short sale by faxing Short Sale Package (3-5 days)
  2. Lender assigns SPOC
  3. SPOC processes file and collects documents (5-14 days)
    1. Note: This time frame is highly dependent on how quickly the buyer/seller can return requested documents to the lender
  4. SPOC forwards to Specialist
    1. Specialist orders BPO and forwards file with BPO to underwriter
  5. Specialist reviews and responds to offer (7-15 days)
  6. After agreement on terms, Specialist submits for final approval to Investor (5-10 days)
  7. Investor issues approval letter, Specialist sends to borrower rep
  8. Lender assigns Closer

Four Lender Specific Tips

  1. Expedite the Process: Everhome, unlike other lenders, will respond at the same pace the parties respond. Receive an approval in under 40-days by providing them what they need within 48 hours, same-day if possible.
  2. Wet Signatures: Everhome requires wet signatures on every document. Cut down on document collection time by submitting wet- signed documents the first time.
  3. Complete Documents: Check every box, date every line, write “n/a” in every in every non-applicable section. Cut down on document collection time by submitting complete documents.
  4. Communicate with Specialist through email: The Specialist communicates quickly through email. Once a Specialist is assigned, request their email address and reach out to them for more effective communication. Cut down on phone time by emailing Specialist.

Value Dispute Procedure:

Lender counters the offer higher than the parties believe the property is worth.

  1. Respond to lender's counter with the buyer's highest and best
  2. Provide an independent appraisal or full agent MLS sheets for three comparable sales (providing all characteristics), and if available, three active comparable property MLS sheets
  3. Provide a CMA report
  4. Comparable requirements:
    1. Closed sales no more than six months old
    2. Similar in size, age, condition and characteristics
    3. Within one mile proximity of the subject property; OR
  5. If there are Repair/Hazard Issues:
    1. Provide a line item repair estimate from a licensed contractor or engineer on business letterhead with the costs to cure the damage
    2. Provide photos of the damage
      1. Note: Excessive photos will be rejected
      2. Place photos in a zip file if sending more than three
  6. Time given to provide documents for value dispute: 24-48 hours
  7. Potential wait time for value dispute results: 2-4 weeks
    1. Note: This time can be expedited if you provide a complete dispute package and follow-up every 2-3 days.

Lender Specific Document Tips

MLS Sheet

Lender Escalation Procedure

If more than five days have passed without movement on your file:

  1. Call short sale department
  2. Request they email your assigned party for a response
  3. Send email to Specialist stating: “STATUS UPDATE FIRST REQUEST”

Wait 48 hours, if no response:

  1. Call short sale department
  2. Request they email your assigned party and their supervisor stating you have not received a response for 7 days (the first 5 + 2 days after the first phone call)
  3. Send email to Specialist: “STATUS UPDATE SECOND REQUEST”

Wait 24 hours, if no response:

  1. Call short sale department
  2. Request to speak to a supervisor
    1. Note: The representatives can transfer you to a supervisor, but expect to make the request to them between 2-4 times

Closing Process

  1. Send final HUD for approval: Everhome reviews the HUD-1 Settlement Statement for final approval 48 hours prior to closing.
  2. Sign and Return Final Closing Materials: Upon approval, Everhome issues closing instructions and requests signatures on final closing documents.
    1. E.g. Original Short Sale Affidavit, Approval Letter, Deficiency Waiver Form, Insurance paperwork etc.
      1. Deficiency Waiver Form must be completed and returned to lender
    2. Send documents to: lm_fulfillment_liquidations@everhomemortgage.com and/or the Negotiator.
  3. Processing Tips:
    1. Include last name and loan number in the subject line of all email correspondence
    2. Include a forwarding address for the seller

Approval Extensions

To request an extension of an approval:

  1. Reach out to your contact listed on the approval letter via email
  2. State your request including the intended closing date
  3. Call and email to follow-up