Columbus OH – I recently met a realtor who sells
properties in a beach town. “Short sales take 9-12 months. The banks are so
hard to deal with”, she said.
She mentioned short selling a customer’s property. The sellers were two doctors
that had to take a promissory note. The sale was for $900k, so the loss must
have been above average.
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. http://columbusohshortsaleadvisors.com/
In this case, her customer’s were ok with a promissory note. But, what if you
want to short sale and walk away from the upside down debt?
What can you to do short sell your home without a promissory note? Negotiating
short sales on more expensive homes is different than your average short sale.
The most common loan types that will give you a complete release are Fannie
Mae, Freddie Mac, FHA, and VA. Most of them won’t loan on a mortgage over
$417,000.
There are a few exceptions, but that is the general rule. If your mortgage
amount is more than $417,000, then your loan is probably owned by the bank you
originally got it from, or it has been securitized.
Many of these loan owners will not grant a release. You will have to use other
methods. First, you can tell them that you are broke. If that is true, then they
may let you off without much ado.
If you have assets, then you will need to use different tactics. You can hire
someone to do a “Loan Audit.” This is where they go thru your loan file and
search for any violations of lending laws.
Maybe they didn’t give you the proper federally required mortgage disclosures.
Maybe the mortgage broker or lending company wasn’t properly licensed. A loan
audit will often help your case.
But, it isn’t an “end all, be all”. I’ve seen people promote it as that.
Another thing you can do is hire a good attorney. You will want to deal with
someone who is a consumer advocate.
They will know how to use the law to negotiate from a position of power on your
short sale. In my opinion, the best way to is to hire a lawyer in this case on a
contingency.
Tell the lawyer, "I will pay you X when you get me what I want." Some
people think lawyers drag cases on just to earn more money. Using a payment
arrangement like this will help you avoid that.
However, the most important thing you can do is to hire an experienced short
sale agent. Ask them if they have negotiated any short sales where the lender
asked for a promissory note.
Then, ask them what they did to negotiate away the promissory note. The good
short sale agents will usually know a good attorney. They may have experience
dealing with your bank.
Bottom line: They are the person who can point you in the right direction so
you can short sale and walk away with a complete release from 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, Robin Lemmons.
Rick & 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.
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 & 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 Columbus Short Sales: The Bank Won’t Release Me From My
Upside Down Debt. What Can I Do? is provided as a courtesy to our viewers to
help them make informed decisions.
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