Resurgent Mortgage

General Telephone: 800-365-7107   |   Short Sale Fax: 866-467-1187

Required for Initiation

To initiate the process, fax:

  1. Loan number
  2. Name of Seller
  3. Last 4 digits of SSN
  4. PSA
  5. HUD
  6. Buyer Pre-Approval/Buyer Proof of Funds
  7. Borrower financial information (see Doc Pac)
  8. Listing Agreement
  9. 4506T Form
  10. Hardship letter
  11. Third-party authorization

The Process

Resurgent assigns a single negotiator for the duration of the process (initiation through closing).

Negotiator: Collect additional documents, request document corrections, order appraisal, complete the file, respond to the offer, respond to investor fee caps, determine relocation incentive eligibility, request investor-specific requirements, determine cash contribution requirements, issue final HUD approval at the close of the transaction

Timeline for Approval

  1. Manually fax the short sale package, wait for the documents to be uploaded (3-5 days)
    1. Note: Call after 48 hours to confirm receipt of authorization
  2. Lender assigns a negotiator as soon as documents are received (1-2 days)
  3. Negotiator collects documents, reviews documents, orders the appraisal (5-15 days)
    1. Note: This time frame is highly dependent on how quickly the buyer/seller can return requested documents to the lender
  4. Negotiator reviews and responds to offer (5-15 days)
  5. Once agreement on terms, negotiator submits for final approval to Investor (5-10 days)
  6. Once approval is issued, negotiator keeps file through closing

Four Lender Specific Tips

  1. Request Direct Contact Information for Negotiator: As soon as the negotiator is assigned, request direct contact information. Cut down on delays by submitting additional documents directly to the negotiator.
  2. Expedite the Process: Keep your file at the top of your negotiator’s pile by returning documents within 48 hours.
  3. Wet Signatures: Resurgent does not require wet-signatures on every document; however, some investors may request. Cut down on document collection time by submitting wet- signed documents the first time.
  4. 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.

Value Dispute Procedure:

Lender counters the offer higher than the parties believe the property is worth. A value dispute with Resurgent may take 2-4 weeks:

  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 Escalation Procedure

Resurgent has no formal escalation procedure; however, they have managers available should an issue arise.

Tip: Do not let the file sit with no response for more than six days. If the negotiator has not notated the file within 6-days, request supervisory attention. Continue to request until your issue is resolved.

Closing Process

  1. No final HUD-1approval required: Resurgent does not request final HUD approval.
  2. Sign and Return Final Closing Materials: On the closing date, Resurgent Mortgage requires signatures on all closing documents and returned by the close date.
    1. E.g. Short Sale Arms Length Affidavit, HAFA Affidavit, Unearned Insurance, etc.