Columbus OH – The Stop Foreclosure Institute recently received a
question from David. Here was his question.
“My lender verbally told me that my short sale was
approved. However, now they are telling me that Fannie Mae did not
approve the sale.
They gave me an option to pay $3,000 upfront and to agree to pay off
the deficiency. I just cannot afford this option. The pay off amount on the
mortgage is $122,000.
The buyer is offering $99,000. The bank’s appraiser said the house is
worth $92,000. The Buyer has been waiting to buy the house for 11
months.
What the bank is telling me just doesn’t make sense. Any suggestions would be greatly appreciated. David.”
Here was our answer: David, I think your
lender is lying to you. We have done a lot of short sales on Fannie Mae
Loans. Here is something you may not know.
Your lender does not own your loan. They do not make the ultimate decision on what happens. Fannie Mae owns your loan.
That means that Fannie Mae makes the ultimate decision on whether or not
to approve your short sale. Here is why this matters. Fannie Mae does
not normally ask for deficiencies or cash from a short sale seller.
They do when the seller is strategically defaulting on their mortgage.
But, most people short sale their house because they are having
financial problems. If your lender persists, then you might want to
contact Fannie Mae directly.
Or contact your Congressperson or Senator. Let them know that you think
your lender is lying to you. Fannie Mae will find out what is happening
and hopefully let you walk away with no deficiency or any cash out of
pocket.
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.
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.
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: Why Is This Lender Lying To
This Homeowner? is provided as a courtesy to our viewers to help them
make informed decisions.
No comments:
Post a Comment