Columbus OH – OK, let’s talk about the most
common types of loans that do not require a deficiency on a short sale. The
first common loan type is a Fannie Mae or Freddie Mac loan.
I’ll call them Fannie & Freddie in this post. Freddie & Fannie
are different quasi-governmental entities that own mortgages. For our
conversation, they are very similar in the way they handle short sales.
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. http://columbusohshortsaleadvisors.com/
First, you need to find out if Fannie or Freddie own your loan.
Fannie Mae has a website with a lookup tool. Go to this site to research if
your loan is owned by Fannie Mae: www.fanniemae.com/loanlookup/.
Freddie Mac has a lookup tool here: https://ww3.freddiemac.com/corporate/.
If your loan is owned by Fannie Mae, then you usually do not have to worry
about a deficiency. Fannie Mae’s official policy is that they will forgive the
debt if a seller has a genuine hardship.
Fannie & Freddie’s policies are basically the same. They state that
they will pursue a short sale seller if they have they can afford to make the
payment or it is an investment property.
You need to keep this in mind if you are strategically defaulting. One problem
with some of these short sales is that the loan was insured by Private Mortgage
Insurance, also called PMI.
The PMI companies have the ability to approve or veto the short sale offer.
Many PMI companies ask for a promissory note before they will approve a short
sale.
The good news is that the promissory note is usually less than the amount lost.
For example, we recently saw a lender lose over $100,000 on a short sale. They
asked the homeowner for a $20,000 promissory note.
Are you willing to pay $20,000 to walk away from $100,000 in debt? I think
that’s a good bargain.
If you have a Fannie or Freddie Loan and have a genuine hardship, then you can
be pretty confident that you have a very good shot at being able to walk away
without a deficiency. 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 2012 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 A Common Columbus Short Sales: The Most Common Types Of
Loan That Do Not Require A Deficiency is provided as a courtesy to our viewers
to help them make informed decisions.
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