Any of the mortgage companies or lien holders have the right to veto the short sale. For example, we had a short sale with a first mortgage, a second mortgage, and a third position lien.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/
The third position lien was an old credit card judgment. It had to be paid off to sell the house. The first mortgage was only willing to pay $3,000 to any second mortgages or liens.
The second mortgage wanted $4,500. The credit card judgment wanted $5,000. How were we going to get the extra money for them?
We had to escalate the file with the first mortgage. We told them that they had two options.
Option one: Pay the first and second mortgage and net X.
Option two: Foreclose and lose an additional $15,000. I have a calculator that puts all these numbers together. In addition, I have the proof to back it up.
Here is an example of that proof. There was recent short sale where the first mortgage stubbornly refused to give enough money to the second mortgage. As a result, they lost around $45,000.
I found out about this house because I met the first buyers at an Open House. They were trying to buy a short sale and were offering $272,000. The first mortgage was owed $337,500.
The 2nd was $70,000. The listing agent submitted the short sale offer to both companies. The first said they would only pay $1,000 to the second mortgage. The second mortgage wanted more.
The short sale dragged out for months. Finally the buyer paying $272,000 walked. The house was put back on the market. Meanwhile, home prices had dropped.
Now buyers were only willing to offer around $230,000 for the home. The house ended up selling for $229,000.
As you can see, the first mortgage was greedy and wouldn't offer enough money to the second mortgage. As a result, they lost around $40,000. Was that a smart business decision? I don't think so.
Now, back to my short sale story. I sent this and several other similar examples to the people at the first mortgage. They agreed to pay the second mortgage $3,000 and completely pay off the credit card judgment.
The buyer agreed to pay the extra money the second mortgage wanted. We were able to get everyone to agree and close the sale.
The seller was able to wipe out over $70,000 in upside down debt and move on with her life. That is an example of how you solve the multiple lien problem with short sales. 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.
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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 How To Solve This Common Columbus Short Sale Problem is provided as a courtesy to our viewers to help them make informed decisions.
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