Around 80% of all loans held by large national lenders (such a Bank of America or Wells Fargo) are not owned by that bank.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/
In these cases, the lender is acting as a servicer for the actual owner of the loan. They will approve or reject the short sale based on the guidelines the owner of the loan gives to them.
In some cases, such as an FHA or VA insured loan, the insurer will lay out the criteria on whether to approve or reject a short sale offer.
Here are the two steps we use to find the guidelines for approval or denial of a short sale offer.
Step #1: Find out the owner (or insurer) of the loan. We have a checklist that we follow to do this research.
Step #2: Find the guidelines that the owner (or insurer) gives lenders for processing short sales. The majority of all mortgages are owned or insured by 6 types of investors/insurers.
The first type of loan owners are the Government Sponsored Enterprises (GSEs.) They are nicknamed Fannie Mae and Freddie Mac. Around 55-60% of all mortgages are owned by them.
Fannie & Freddie do not publicize their short sale approval guidelines. But, we have a good idea of how their guidelines work, based on past experience with their short sales.
Here is the good news. If your loan is owned by one of these entities, you will most likely be able to short sale with no deficiency judgment. That has been their policy for a while.
However, there are two caveats. If you have Mortgage Insurance (also called PMI), the Mortgage Insurer may ask for a promissory note.
There is almost no way to know up front if the Mortgage Insurer will ask for a promissory note. It is hard to find out who the insurer is before you start the short sale process.
In addition, they ask for promissory notes on a case by case basis.
(If you are concerned about a deficiency judgment or a promissory note, then email me. I can research your situation and see how your situation compares with other sellers we have helped in the past.)
Here is the other caveat for a short sale deficiency judgment on a Fannie or Freddie loan.
If it is determined that you have the financial ability to pay the mortgage, then Fannie and Freddie's policies reserve the right to pursue you for a deficiency judgment.
Now, whether or not they will pursue you is another matter. In my experience, Fannie and Freddie are disorganized.
Therefore, it is my opinion that the likelihood of them pursuing you for a deficiency judgment is low. Why I think that is another story for another day. 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
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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 Yes, There Actually Are Guidelines For Lenders Approving Or Denying A Columbus Short Sale is provided as a courtesy to our viewers to help them make informed decisions.
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