Columbus OH – The Stop Foreclosure Institute recently received a question from John. Here is John's Question.
"I just received a full price offer on my house. My main concern is
that I don't get stuck having to pay off the deficiency. I have a first
and 2nd with and owe 270K on the home. The buyer's loan is with the same bank.
How can I work this out so that I can walk away from this without
owing any money? Is it even possible with such a large difference
between what the house is worth and what is owed? John.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/
Here is the answer to John's Question:
John, you need to read thru the short sale approval letter. See if it
contains any language like “Payoff”, “Forgiven”, or “agrees to release
the debt.”
Have an attorney read it over to make sure that it says the debt
will be released. If it doesn’t say the debt will be
released, then here is how you can re-negotiate for them to issue a
complete release.
1. Request that the deficiency be
waived. Tell the lender you will not short sale the
property unless they give you a complete release.
2. Show proof that you cannot afford the deficiency
payment. A debt from an absolutely broke person is
worthless. The lenders know this and will be willing to waive a
deficiency if that is the case.
3. Show proof that the lender will net more money from
the short sale compared to a foreclosure. This is your
agent’s job to do. They will put together a calculation showing how much
the lender is netting from the short sale, and project what they would
net from a foreclosure.
If you cannot prove that your income doesn't cover your bills, then
you may need to look into other avenues. You can look into getting a
forensic loan audit to see if the lender broke any lending laws on the
loan. 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: How To Get A Short Sale
Lender To Waive A Deficiency is provided as a courtesy to our viewers
to help them make informed decisions.
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