Columbus OH – Are you looking to buy a short
sale? Before you make an offer, you need to check and see how many mortgages
are on the home.
A short sale with only one mortgage is not that difficult. Even an
inexperienced agent can often get these approved and sold.
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. http://columbusohshortsaleadvisors.com/
A short sale with two loans becomes much more difficult. You now have two lenders that have to agree with each other.
However, an experienced short sale agent can get the two lenders to agree with
each other on the short sale.
However, when you have three or more loans and/or liens, everything just becomes
way more complicated. Most first mortgages will only give $2,500 to $3,000 to a
second mortgage on a short sale.
They don’t have any policies in place on what to give a third position mortgage
or lien. And that third position lien holder isn’t going to go away for free.
Someone is going to have to give them something in return for them releasing
their lien.
That third position lender basically has the right to throw a wrench in the
works unless they get paid. They can veto the short sale for any reason. They
will only go away when they are either paid in full or accept a lower amount.
This is what makes short sales with three or more loans so difficult. The first
mortgage, second mortgage, and third position lien fight over the available money.
At the end, the first mortgage usually forecloses on the property and the
second and third position people get nothing. But, a foreclosure takes a long
time and costs money.
At the end of the day, everyone ends up losing more than they would have made
if they had simply worked together. This is why we usually avoid short sales
with three or more mortgages/liens in place. 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 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 with 3 or more mortgages are
difficult is provided as a courtesy to our viewers to help them make informed
decisions.
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