Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohioshortsaleadvisors.theshortsaleguide.com/
Here
is a good example of this happening. A real estate agent had a short sale with
one of the largest lenders in America. The short sale negotiator said that they
would not approve the short sale unless the seller came to closing with 50k
cash. The sellers said no way.
Fortunately,
the agent knew that Fannie Mae owned their loan. The good news for the seller
is that Fannie Mae does not ask for promissory notes or pursue deficiencies.
(There are a couple exceptions, but they didn't apply here.) If those are
Fannie Mae's Guidelines, then why would the short sale negotiator require the
seller to bring 50k to closing?
Turns out the negotiator was not following
Fannie Mae's Short Sale Guidelines. The agent contacted Fannie
Mae directly. Within 72 hours a supervisor called from the short sale
department. This time they were singing a different tune.
The
sale was approved and the promissory note waived. The seller got to walk away
owing zero. Why do things like this happen? Because, in our opinion, there is
little oversight over the short sale process. Nothing happens when a short sale
gets rejected and sells for less as a bank owned property. No, don't kid
yourself, this happens a lot.
These
short sale negotiators develop an adversarial mindset. They probably even get
paid bonuses based on how much money they squeeze out of short sale sellers.
This causes their ego to get in the way of what is best for the owner of the
loan. If you are thinking about short selling your home, make sure your agent
knows how to research who the owner of your loan is. That info will allow them
to negotiate from a position of power. And it will help you avoid a deficiency
or promissory note.
Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at robin.lemmons@kingthompson.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 614-741-2495.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Columbus loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. http://columbusohioshortsaleadvisors.the shortsaleguide.com/
Thanks for reading this, Rick and Robin Lemmons.
Rick and Robin is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495
robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at http://www.rickandrobin.com
Rick and Robin Lemmons specialize in helping Columbus Homeowners short sale and never pay the bank another penny. Columbus Loan Modification Help, Columbus Short Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus OH Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.
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Important Notice
Rick and Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Rick and Robin's personal views and do not reflect the views of Coldwell Banker King Thompson.
This information on Columbus Short Sale Help: Another short sale almost killed by lender incompetence is provided as a courtesy to our viewers to help them make informed decisions.
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