A Common Columbus Short Sale Myth: You Must Have Missed a Payment Before Your Lender Will Consider a Short Sale

Columbus OH – It is thought that lenders tend to permit short sales only when and if a borrower has missed a payment. This is not true.

Lenders also take into account other hardships the borrower may be encountering such as a divorce, job transfer, relocation, etc.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.  http://columbusohshortsaleadvisors.com/

No lender will consider a short sale just because a borrower has missed a payment. The lender also looks at the borrower’s financial status including tax returns, budget, bills, income, etc.

After reviewing that documentation they decide whether or not to approve short sale. A lender will first look at the borrower’s ability to pay back the mortgage.

Some people have a hardship that they project will cause them to fall behind on payments in the future. But, they haven't fallen behind yet.

In this situation, then the lender will see that they will have to liquidate the property one way or another.

If they conclude that a sale of the property is inevitable and that a short sale will be the best way to cut their losses, then they will approve the short sale.

We have also seen lenders approve short sales even if someone's hardship didn't put them in a position where they couldn't make their payments.

But, the person must move and is unwilling to accept a deficiency payment for their upside down home. A good example of this is a credit worthy person with a stable, solid income who has a job transfer.

That person is upside down and unwilling to repay the lender for the loss. The lender knows from past experience that going thru the foreclosure process and then trying to collect from the borrower is hopeless.

First, the foreclosure process will take longer than a short sale and cause them to lose even more money.

Second, they know that the borrower has the option to declare bankruptcy and use other actions to avoid paying the lender.

Third, many states do not allow the lender to pursue a borrower for the loss after a foreclosure. So, they lose money on a foreclosure that takes a long time and get zero from the borrower.

Based on their prior experience they know that a short sale will be their best option to reduce their losses as much as possible. 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, Robin Lemmons.

Rick and Robin Lemmons 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.

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Important Notice

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 Robin's personal views and do not reflect the views of Coldwell Banker King Thompson.

This information on A Common Columbus Short Sale Myth: You Must Have Missed a Payment Before Your Lender Will Consider a Short Sale is provided as a courtesy to our viewers to help them make informed decisions.