Columbus OH – The Stop Foreclosure Institute
received a few responses from yesterday’s blog post. Most of the questions went
something like this.
"I think a lender would be stupid to approve an investment property short
sale for a wealthy person. If I was the lender I would sue them for the loss.
Jan.”
The bottom line is that people didn’t think a lender would allow a wealthy
person to walk away from the debt on an investment property.
Here are a few reasons that a lenders will allow a wealthy
investor to walk away from an upside down investment property.
Lenders know that if they can give a customer what they want, then it will help
them. If they don’t give a customer what they want, then everything turns into
a fight.
Some homeowners will hire a lawyer to review every clause in the mortgage. They
will check to make sure that each clause of the mortgage meets every single
conceivable state and federal law.
Other people will declare bankruptcy to avoid paying the debt. This is the
biggest impediment keeping lenders from collecting on a debt.
Debt is very hard to collect even in court. In fact, only around 8-10% of all
judgments are ever collected. That means a lot of people and lenders spend
thousands of dollars in court getting a judgment, only to never collect the
money.
This is one of the reasons that a debt collection company recently bought $20
Million Dollars worth of Deficiency Judgments for $150,000. I don’t know which
lender sold them, but apparently that is all they thought they were worth.
I hope this helps you see why a lender would find it simpler to approve a short
sale rather than pursuing a debtor in the hopes of collecting on the
deficiency.
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.
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.
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: How To Look At A Short Sale From The
Lender’s Perspective is provided as a courtesy to our viewers to help them make
informed decisions.
Columbus OH – The Stop foreclosure Institute
recently received a question from Steve about short sales. Here was Steve’s
Question.
“I am interested in a short sale. I just have a few questions about how the
process works. Does my lender set the price for the property. And,
will that price include the realtor fee? Sincerely, Steve.”
Here was our answer. Steve, in most cases the
lender will not set the asking price for your home. In most cases, the lender
does not get involved until after we have an offer from a buyer.
The only exception is if you have an FHA loan. FHA’s short sale guidelines
stipulate that an appraisal be done after the home is put on the market. They
require the asking price be changed to the appraised value.
As far as your second question, does that price include the realtor fee? FHA
Short Sale Guidelines require the lender to pay your realtor a commission. You
don’t have to pay it.
On other short sales, the lender usually pays the realtor’s fee. They know that
they will have to pay a realtor when they sell a home after foreclosure. Why not
avoid the foreclosure and sell the home now?
That is the logic behind why they pay the realtor’s commission on a short sale.
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.
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.
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: Will My Lender Set The Price For My
Home? is provided as a courtesy to our viewers to help them make informed
decisions.
Columbus OH – The Stop Foreclosure Institute
recently received a question from another agent. Apparently they were being
mislead on a short sale by a large national lender.
Here is the question we received: “Do you have a
number to contact Fannie Mae? The bank (Large National Bank) will not allow the
seller to not do a short sale and agree to repay the loss on a promissory note.
She said that she has to talk to the investor which is Fannie Mae. My sellers
just wants to sell and move on with their life. Janet.”
Here was our response. I understand the logic of
what your seller is trying to do. They think that they can just sell the home
for less thant it’s worth, sign a promissory note for the difference, and move
on with their lives.
The sad reality is that life’s not that simple, especially when you are dealing
with bankers. Before they make any changes on anything, they want to make sure
that everything is ok.
In order to make sure everything is ok, they will have to process the sale as a
short sale. That is why they demand before they will transfer the upside down
debt to a promissory note.
They always like to keep things at the status quo. Any big changes need to be
very carefully evaluated. It’s just the way bankers work.
So, if your seller wants to sell and repay the debt on a promissory note, then
they will have to go thru the formal short sale process. It’s the only option
that I see.
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.
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.
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: Bank won’t allow my seller to avoid
short sale process is provided as a courtesy to our viewers to help them make
informed decisions.
Columbus OH – Are you looking to buy a short
sale? Before you make an offer, you need to check and see how competent the
listing agent is at short sales.
The listing agent is the agent with the property for sale. They will usually be
in charge of processing the short sale with the lender.
If the listing agent is a genuine short sale expert and knows
what they are doing, then you have a very good chance of the short sale being
approved and buying the home. I’ll show you how to separate the
experts from the pretenders in this post.
If the agent is not a genuine short sale expert, then you are
probably wasting your time. You should go find another home to
buy.
First, ask them how many short sales they have successfully sold. If they have only sold 2-3 short sales, then the odds are not in
your favor. You risk wasting months of time waiting for an answer on the short sale.
Next, ask them how many loans are on the property. If there is only 1 loan, then you know two things. First, they know what they
are doing. Second, this is a relatively simple short sale.
If there are two loans, then the property is still worth considering. However,
if there are 3 or more loans, then you might want to look at another home.
Short sales with 3 or more loans are very difficult.
The first mortgage won’t give enough money to the second and third position
mortgages. The second and third position mortgages won’t release their lien
without more money. At the end, everyone loses (that is another story for
another day.)
Lastly, ask who the lenders are. If the lenders
are banks that are notoriously a bad lender at short sales, then you
might want to avoid the property. However, a competent short sale agent can
handle a short sale with ease.
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.
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.
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 Questions Buyers Should Ask The Agent Listing A Columbus
Short Sale is provided as a courtesy to our viewers to help them make informed
decisions.
Columbus OH – People often wonder why their
lender will release their debt in a short sale. Most lenders don't like to
release the debt. But, they agree to do it because they know that policy nets
them more money.
They net more because a home usually sells for more money as a short sale
versus after it has been foreclosed upon. Let's go thru a few examples.
"Most Short Sales Are Well Kept Up And
Attractive To Buyers."
See the home in the top picture? You can see that
it is good shape. Most short sales are being sold while the homeowner lives in
the home.
The homeowners are able to keep the house up. They keep the inside clean and
neat. In addition, they mow the lawn and keep up on the yard.
This makes a big difference in the sales price. Would you rather buy a home
that is in great condition or one that needs work?
Now look at the home in the bottom picture. That
is an abandoned home in foreclosure. No one is there to keep up on the yard.
The inside of the home is probably dirty. Vagrants can break into the home. The
home is also an easy target for vandalism.
The bottom line is that most short sales are in better shape than
a foreclosed home. In fact, they are usually in much better
shape.
That is why they sell for more money, thereby cutting the lender's losses.
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.
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.
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 Why Columbus Short Sales Sell For A Higher Price Than A
Columbus Foreclosure is provided as a courtesy to our viewers to help them make
informed decisions.
