General Telephone: 800-365-7107 | Short Sale Fax: 866-467-1187
Required for Initiation
To initiate the process, fax:
- Loan number
- Name of Seller
- Last 4 digits of SSN
- Buyer Pre-Approval/Buyer Proof of Funds
- Borrower financial information (see Doc Pac)
- Listing Agreement
- 4506T Form
- Hardship letter
- Third-party authorization
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
- Manually fax the short sale package, wait for the documents to be uploaded (3-5 days)
- Note: Call after 48 hours to confirm receipt of authorization
- Lender assigns a negotiator as soon as documents are received (1-2 days)
- Negotiator collects documents, reviews documents, orders the appraisal (5-15 days)
- Note: This time frame is highly dependent on how quickly the buyer/seller can return requested documents to the lender
- Negotiator reviews and responds to offer (5-15 days)
- Once agreement on terms, negotiator submits for final approval to Investor (5-10 days)
- Once approval is issued, negotiator keeps file through closing
Four Lender Specific Tips
- 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.
- Expedite the Process: Keep your file at the top of your negotiator’s pile by returning documents within 48 hours.
- 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.
- 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:
- Respond to lender's counter with the buyer's highest and best
- 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
- Provide a CMA report
- Comparable requirements:
- Closed sales no more than six months old
- Similar in size, age, condition and characteristics
- Within one mile proximity of the subject property; OR
- If there are Repair/Hazard Issues:
- Provide a line item repair estimate from a licensed contractor or engineer on business letterhead with the costs to cure the damage
- Provide photos of the damage
- Note: Excessive photos will be rejected
- Place photos in a zip file if sending more than three
- Time given to provide documents for value dispute: 24-48 hours
- Potential wait time for value dispute results: 2-4 weeks
- 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.
- No final HUD-1approval required: Resurgent does not request final HUD approval.
- Sign and Return Final Closing Materials: On the closing date, Resurgent Mortgage requires signatures on all closing documents and returned by the close date.
- E.g. Short Sale Arms Length Affidavit, HAFA Affidavit, Unearned Insurance, etc.