Columbus Short Sales: Some Of The Specific Damages A Foreclosed Homeowner Might Ask To Be Compensated For By Their Lender

Columbus OH – I am following up on a question from Arman. His loan was owned by Fannie Mae and the company handling the loan for Fannie Mae was rejecting an excellent short sale offer for no reason.

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

When you get in front of a jury and show how this company’s negligence caused Fannie Mae to lose $15,000 (what I project they will lose) and that it hurt him as well, the jury will award damages in a heartbeat.

Here are some of the damages a foreclosed homeowner might be able to ask for.

1. Credit Damage. A foreclosure is much more damaging long term to your credit than a short sale.

For the rest of their life, they will have to answer yes to the standard question on most credit applications: “Has a home you owned ever been foreclosed for non-payment?”

2. Harm from a potentially larger amount being owed to the owner of the loan.  If the short sale was turned down, and as a result the home sold for less as a foreclosure, the owner of the loan could pursue the homeowner for more money.

This would be a much easier argument after the foreclosure home sold and you have a copy of the sales price of the home and the original short sale offer in hand.

These are two things I can think of that are the most likely to be approved by a jury. If you can think of additional damages, then please post them in the comments section below.

3. There is something very interesting this home seller told me.

When he talked to a woman at the lender and asked why they were rejecting the short sale offer, she replied "We or some of our investors will buy it.”

That sounds pretty fishy to me. I have seen other people who handle loans for a third party owner profit from the loan owner’s loss.

For example, one company charges the buyer a $1,500 to $5,000 fee for buying the short sale.

If the buyer won’t pay, then they won’t approve the short sale. Remember, they are being paid by the owner of the loan. In fact, they are paid very well.

The business is so profitable that some opened a subsidiary loan servicing company. 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 Columbus Short Sales: Some Of The Specific Damages A Foreclosed Homeowner Might Ask To Be Compensated For By Their Lender is provided as a courtesy to our viewers to help them make informed decisions.