Columbus OH – We had a negotiator at Bank of
America try to push us around a little while ago. We’ve studied and analyzed
all of the short sale guidelines and rules.
This was an FHA loan and therefore would be governed by FHA’s Short Sale
Guidelines. This means that the lender must follow FHA’s Specific Instructions
on how to handle the short sale. Here's what happened.
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. http://columbusohshortsaleadvisors.com/
FHA sends all of the lenders who handle their loans a letter called
"Mortgagee Letter 2008-43." It details exactly how the banks
servicing an FHA loan are supposed to negotiate on a short sale.
This letter is 16 pages long and gives them specific directions on how much to
pay agents, what percentage of the appraisal they can accept, etc.
We had a wretched experience on another FHA short sale. The lender lied to the
seller's prior agent and hadn't followed the FHA Short Sale Guidelines. Because
of that experience, we had read thru this letter 2-3 times.
Bottom line, we know a little bit about FHA's rules for short sales. The
problem was this negotiator at a large national bank didn't want to follow the
rules!
Instead she made up her own rules! She told us that the buyer and seller had to
split the cost of the title insurance. The problem is on page 12 of the
Mortgage Letter, it says that they are allowed to approve a file paying the
standard title insurance costs.
In our area, the sale's contracts are written with the seller paying for
the title insurance. The buyer pays their closing costs and the title insurance
for their lender.
But, this negotiator didn't want to allow that. I had to argue back and forth
with her for 2-3 days until she finally relented. FHA is insuring this lender
against any and all loss on the loan.
They have given that lender an almost risk free way to make a decent profit on
a mortgage. If they give you specific instructions on how to negotiate a
short sale, then follow those instructions!
Here is the bottom line. If the negotiator at the lender is lying to you, then
ask for their manager. When you talk to their manager, explain how they are
breaking the rules.
Tell them you may contact FHA and tell them that the lender is breaking the
rules. 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 Columbus Short Sales: Why Do Bank Negotiators Break The
Rules? is provided as a courtesy to our viewers to help them make informed
decisions.
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