Columbus OH – The Stop Foreclosure Institute recently received a question from Max. Here is Max's Question.
"If I pay mortgage insurance and default on my loan, wouldn’t that cover the deficiency amount? Max."
Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/
Here is our answer to Max's Question: Yes,
the Mortgage Insurance should pay your lender for any loss. So that
reduces the amount that your lender will lose on the short sale.
There are a couple of problems. Many Mortgage Insurance Companies have gone bankrupt. They can't pay on their claims.
In this situation your lender may or may not pursue you for the loss.
(I've written extensively on deficiencies on other blog posts. In 60-75%
of all short sales, you won't owe a deficiency. E-mail me at robin.lemmons@kingthompson.com and I can research your specific situation.)
The other problem is that many Mortgage Insurance
Companies have terms written into the mortgage that they can pursue you
for the loss.
They are more aggressive with trying to be repaid. In the few short
sales we have negotiated and the lender asked for a promissory note, the
person requesting it usually was the Mortgage Insurance Company.
But, they only ask for a promissory note about half the time. In
addition, the promissory notes are usually for an amount lower than the
loss.
For example on one short sale, the loss was around $59,000. The seller
agreed to a promissory note of $10,000 to be repaid over the next 10
years with Zero Interest. Their Monthly Payment was $83.33.
We won't know if they will ask for a promissory note until the short
sale is in progress. If you know you have Mortgage Insurance, then you
need to find an aggressive short sale agent.
They will work to get a promissory note or deficiency waived. 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.
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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: I Have Mortgage Insurance.
Won't That Cover The Deficiency? is provided as a courtesy to our
viewers to help them make informed decisions.
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