Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/
Ed & Cathy bought their house at the top of the market in 2005. It had dropped in value and they couldn't afford the mortgage payment anymore.
We listed the home and started the short sale negotiations with the lender. The lender was a credit union. They were losing about $110,000 on the short sale.
They told us that they wouldn't approve the short sale unless the seller's signed a promissory note and agreed to repay them for the loss. We discussed this with the sellers.
They were not willing to accept the promissory note. They had experienced a substantial reduction in income and did not see any way they could repay the debt.
The bank wanted them to repay $726 monthly for the next 20 years. That may not sound like a lot of money to some of us. But, to Ed & Cathy, it was much more than they could afford.
The sellers told us that if they had no other choice, then they would agree to the promissory note and then declare bankruptcy when the bank tried to collect.
We agreed that that was an option. But, we also thought that the bank was being unreasonable. We explained the situation and asked them to approve the short sale and forgive the debt.
Our contact at the bank wouldn't do that. We continued to sell him on it. We explained that this was the best opportunity for the credit union to reduce their losses on this loan.
We explained that the only other option was to wait another 6-12 months for the foreclosure case to go thru and then sell the home. However, we estimated that would cause the lender to lose an additional $20,000 to $30,000.
They would lose more if the seller declared bankruptcy and the foreclosure case dragged on even longer. Finally, our contact agreed to approve the short sale and forgive the debt.
The home sellers were able to short sale and move on with their life with no deficiency or promissory note. Remember, it is a rare situation where a lender will not approve a short sale and forgive the loan.
But, this is an example of how a good short sale realtor can help you avoid a deficiency even if the lender does not want to forgive the debt. 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 Columbus Short Sales: A Short Sale Success Story is provided as a courtesy to our viewers to help them make informed decisions.
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