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Post-Closing Process

Post-Closing Process. Post-Closing Process. This job aid provides instruction on how to post close a short sale. Receiving the File. Listed below are the required documents to complete the post closing process: Stamped certified/signed HUD Signed Waiver of Funds Copy of WP II screens

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Post-Closing Process

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  1. Post-Closing Process

  2. Post-Closing Process • This job aid provides instruction on how to post close a short sale.

  3. Receiving the File • Listed below are the required documents to complete the post closing process: • Stamped certified/signed HUD • Signed Waiver of Funds • Copy of WP II screens • Proof of 2nd lien • Proof of Seller Contribution

  4. Foreclosure • Update the systems with the file closed screen. • Inform the foreclosure department that Loss Mitigation activities have concluded.

  5. Foreclosure • **Note: Verify that the negotiator documented that the Deficiency balance will not be pursued.

  6. Escrowed Loans • Determine if Hazard/Fire/Flood insurance is being escrowed. • If so, send a letter to each insurance company alerting them of the short sale conclusion

  7. Update CCW • Lien Release • Request the release of lien • Be sure the Lien Release Dept. has the accurate information

  8. Update CCW • Be sure to document the system with net proceeds provided at closing.

  9. Update CCW • Update system with the correct BPO amount.

  10. Update CCW • Updating YCD1 • Please refer to the following slides

  11. Updating YCD1 Steps • Provide System with necessary information to create 1099 for the borrower/seller.

  12. Updating YCD1 Steps • ** Note: The 1099 information must be keyed on a 2nd lien as well. • 2ndliens with the right to collect will NOT be issued a 1099.

  13. Update CCW • Indicate in the system that bills should no longer be sent to the borrower.

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