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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

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post closing process1
Post-Closing Process
  • This job aid provides instruction on how to post close a short sale.
receiving the file
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 the Payoff check or wire information for the 1st Lien and Chase 2nd lien (if applicable)
    • Copy of WP II screens
    • Proof of 2nd lien
    • Proof of Seller Contribution
foreclosure
Foreclosure
  • Update the systems with the file closed screen.
  • Inform the foreclosure department that Loss Mitigation activities have concluded.
foreclosure1
Foreclosure
  • **Note: Verify that the negotiator documented that the Deficiency balance will not be pursued.
escrowed loans
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
update ccw
Update CCW
  • Lien Release
  • Request the release of lien
  • Be sure the Lien Release Dept. has the accurate information
update ccw1
Update CCW
  • Be sure to document the system with net proceeds provided at closing.
update ccw2
Update CCW
  • Update system with the correct BPO amount.
update ccw3
Update CCW
  • Updating YCD1
  • Please refer to the following slides
updating ycd1 steps
Updating YCD1 Steps
  • Provide System with necessary information to create 1099 for the borrower/seller.
updating ycd1 steps1
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.
update ccw4
Update CCW
  • Indicate in the system that bills should no longer be sent to the borrower.