Columbus OH – Many homeowners considering a
short sale are concerned about a deficiency. "Will I be forced to repay my
bank for the $150,000 they lost", they ask me.
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. http://columbusohshortsaleadvisors.com/
The good news is that most homeowners are able to walk away from their home
without paying their lender another dime. A big part of this is because their
lender agrees to that as part of the terms of the short sale.
In addition, many states, such as California, require lenders to erase any
deficiency when a homeowner short sells their home.
But, these are for cases when the homeowner is short selling their house and
the lender has included language in the short sale paperwork specifically
releasing the borrower from a deficiency.
What about situations where this isn't happening? As an example, many states
allow lenders to collect a deficiency after a foreclosure.
With a judicial foreclosure the lender already has a judgment they can use to
garnish wages and levy bank accounts. So does that happen? We haven't seen any
cases of it happening.
We think the reason is because most homeowners simply declare bankruptcy when
they are faced with a sudden $100,000 bill. The lenders see this happen a few
times and decide it isn't worth the effort.
Taking a look thru court cases at the local courthouse hasn't turned up any
lenders collecting on a deficiency. Remember, there are thousands more
foreclosures than deficiency judgments.
The lenders probably view collection on a deficiency as difficult and unlikely
to bring much return on the investment. That is why we think they don't even
bother with it.
What do you think? Please post your experiences in the comments section below.
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.
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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 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 It Isn't Likely Your Lender Will Collect Any More Money
From You After A Columbus Short Sale is provided as a courtesy to our viewers
to help them make informed decisions.
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