How Can I Sign New Jersey Banking Document

Industry sign banking new jersey document myself

welcome back to the flitter com REI classroom where experts from across the real estate investing industry teach you quick lessons to take your business to the next level and now let's meet today's expert post hey everybody this is brian mayer today's host of the rei classroom and our topic today is going to be paperwork and specifically who has to sign the paperwork this rei classroom real estate lesson is sponsored by virtual staff now calm okay guys a big question when working these deals specifically short sales it comes down to paperwork I know there's many different sets of paperwork around the country one of the things that we so you know one of the things that we've always tried to do to keep things pretty much standard is to allow someone to allow an agent to allow an investor to use whatever paperwork they choose what I mean by that is we find that each broker has their version of a contract or an agreement of sale or purchase agreement or whatever you want to call it that they prefer to use now you know for example let's take a look at New Jersey we have the NAR form which is the NJ or excuse me the new jersey association realtors which is a division of the national association of realtors obviously every states can have their own version of the form so what we did is we created an addendum now that addendum becomes a part of the contract or a part of the master document and it really follows the same as who would have to sign that form so we're starting with the contract which would then lead into our supplemental short sale addendum whoever signs the contract has to sign that now that is completely different from the documents and who has the sign things from the bank and furthermore and most importantly who has to provide documents to the bank when doing a short sale so let's talk about that today when you're starting to gather the documents for a short sale and it's a lot we know one of the things that they want to do is they want to thoroughly understand the financial situation of the person to draw the person who can't pay their mortgage they want to know why you know let me stop there for a second one of the things of course that they ask is for hardship letter and the hardship letter excuse me as you know is designed to explain the hardship and frankly what happened so once they explained that you know it was a divorce or they lost their job robber they've got relocated or there was some terrible illness or whatever happened that they obviously something happened to their life where they can't pay the mortgage anymore the bank wants to know okay what happened so when you write all that out they now want to see proof so they're going to ask for the pay stubs they're gonna ask for you know we simply call it the two three four which is two weeks of pay stubs three months of bank statements and four documents it depends if you're self-employed or not you might have to do a pete you know pianos and things of that nature but the point is and also tax returns let's not forget that the point is sometimes people are hesitant to give them and sometimes in the situation of a divorce which is one of the biggest reasons as short so happens guys think about it there's a divorce going on that the real asset the house now has to be sold then there's not enough money to pay the mortgage or they owe more money on the on the house then it's worth today there becomes a short sale there's divisions going on there's problems there's attorneys involved we see this all the time unfortunately and a lot of times people don't want to play ball when they're going through a situation like that the husband moved away the wife moved away this one won't cooperate so the purpose of today's training is who has to sign who has to provide the paperwork the most important thing you can take away is this whoever signs the contract signs all other paperwork but the difference is this who has to provide the information on their financials is whoever signed the mortgage who is on the note the promissory note as you know you may not know when you buy a house you sign a mortgage okay and you also sign a note of promissory note that is a personal promise to pay the debt a personal guarantee if you will well whoever signed the mortgage also always by default signs a note and that's the only person required to provide their financial documents why is this important because let's back up if one of the largest and biggest reasons for a short sale is a divorce and then divorce a lot of times people are obviously friendly with each other you don't need to chase people around unnecessarily if you don't need their documents meaning a lot of times when people buy a house husband and wife to people about more often than not if the one person is going to qualify for the mortgage not the other it's the wife because she may be staying home with the children maybe she's a homemaker and so she's not working and therefore she doesn't need the income or frankly had been come to qualify or on my sexist it could be the other way around you have a stay-at-home dad but the point is this both of them generally are on the deed they sign the contract to buy the house they have legal ownership together 5050 but normally a lot of times only one of them signs the mortgage and keep this in mind and I'll close with this that's the only person you have to gather the documents from so yes while you may have to track down that husband that wife that's significant other to get them to sign the contract you'd end up and all the other stuff you don't need to chase them for their tax returns or pay stubs their bank statements which by the way going through a divorce they may not want to show you everything and that's a huge tip and I hope that helps remember that for your next short sale virtual staff now calm is the leading virtual assistant provider for real estate investors as busy real estate investors there's nothing more valuable 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