Columbus OH – We're going to start explaining
the steps to approving a short sale in 90 days or less.
Today, we'll start with Step 1: Find out the type
of loan it is. Examples are Fannie Mae, Freddie Mac, FHA, VA, Portfolio, and
"Sliced and Diced."
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. http://columbusohshortsaleadvisors.com/
Why does this step matter? First, around 70-80% of all loans held by the large,
national lenders are not owned by that lender. They are simply collecting the
money for the actual owner of the loan.
The owner of the loan is the actual gentility that makes the decision to
approve or deny the short sale. Find out who the actual owner is and you can
hold that lender accountable for their actions.
They better do a good job on the short sale. If not, then you report on them to
the actual loan owner. In addition, most of these loan owners have specific
guidelines on short sales.
Not all lenders follow those guidelines. If they don't then you can hold them
accountable for their actions. Ok, so here is how you find out who owns the
loan.
Go thru the steps below.
Search Fannie Mae's Website: http://loanlookup.fanniemae.com/loanlookup/
Search Freddie Mac's Website: https://ww3.freddiemac.com/corporate/
Look at the actual mortgage to see if the loan is an FHA or VA
Insured Mortgage.
If the loan is FHA insured, then
on the first page of the mortgage,
there should be a small square. Inside the square, it will say "FHA Case
Number 091-4242640-703." The case number will be different, but it
will still be an FHA loan.
If the loan is VA insured, then
on the mortgage, 1-4 pages past the signature page will be a VA
Rider. At the top it will say "NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT
THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS." That is a VA loan.
If the loan is not any of those,
then it is most likely a portfolio loan. This means the loan is
owned and serviced by the original company that bought it. This is especially
true if the current servicer is the same company as the original lender.
There is one final option: "Sliced and
Diced." If a foreclosure has been filed, then look at the
Plaintiff's Name on the Lis Pendens.
If it contains something like "CWALT 2005-06CB", "BOAALT Series
2005-10", "Certificates", or "Trust"; then it is
probably "Sliced and Diced."
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. http://columbusohshortsaleadvisors.com/
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://columbusohshortsaleadvisors.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
Email: robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
Rick & 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.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
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 endorsed 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 Step One To Get A Columbus Short Sale Approved In 90 Days
Or Less is provided as a courtesy to our viewers to help them make informed
decisions.
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