Columbus Short Sales: How To Get A Short Sale Lender To Waive A Deficiency

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.

Columbus Short Sales: I Have Mortgage Insurance. Won't That Cover The Deficiency?

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.
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: I Have Mortgage Insurance. Won't That Cover The Deficiency? is provided as a courtesy to our viewers to help them make informed decisions.

Buying A Columbus Short Sales? Make Sure You Have This Person Helping You

Columbus OH – Thinking of buying a Columbus Short Sale? The short sale process is difficult to navigate. The first thing you should do is make sure that the agent who has the house for sale knows what they are doing.

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

That person, also known as the "listing agent", is responsible for negotiations with the short sale lender. They may negotiate the short sale themselves or have a third party do it.

Either way they will be in control of most of the process. The bottom line is that if they do not know what they are doing, then the short sale will be delayed.

You may find yourself waiting 3-4 months for the short sale for the short sale to be approved. Then, after waiting and hoping that you can buy your dream home, you will find out that the short sale lender won't approve your offer.

"We are so sorry. We worked so hard to convince them to accept it, but they still turned it down", the agent may tell you. Wouldn't that be heart breaking?

Unfortunately some agents just do not understand the short sale process. They are too busy with other things and never have a chance to give the short sale negotiations the proper attention.

Or, the short sale negotiator they hire may be too busy to give your short sale file the attention it deserves. This is why it is important to find an agent that understands the process backwards and forward.

They will give the file the proper attention or find someone who can. They will know how to overcome any problems and roadblocks that arise.

And at the end of the day you will be able to buy your dream home. 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, Rick and Robin Lemmons.

Rick and 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. 

Rick & Robin Lemmons specialize in helping Columbus Homeowners short sale and never pay the bank another penny. 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 and 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 Rick and Robin's personal views and do not reflect the views of Coldwell Banker King Thompson.

This information on Buying A Columbus Short Sales? Make Sure You Have This Person Helping You is provided as a courtesy to our viewers to help them make informed decisions.

Columbus Foreclosure Avoidance Short Sale Help: Use This Advanced Strategy To Stop Harassing Debt Collector Calls

Columbus OH – Many of the short sale sellers we help are selling their home to avoid foreclosure. In addition, they are receiving lots of harassing calls from debt collectors.

These debt collectors seem to think that if you call someone with no extra money, then you can still get them to pay. Here is a little tip on how to stop their phone calls.

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

A friend of mine looks for missing people. The database he uses is also a prominent debt collection database. He told me something interesting.

Apparently people are suing debt collectors for breaking Debt Collection Laws all the time. These lawsuits are expensive for them to defend against and easy for the consumer to file.

(I can’t agree more. In my opinion, the debt collectors knowingly break the rules all the time.)

To help debt collectors avoid future lawsuits they now have a field in their search that flags people that have filed lawsuits.

They know that if they harass these people, then they are much more likely to get a lawsuit from them.

If you feel they have violated the law, then find a good lawyer to file suit on your behalf. There are many good lawyers who specialize in helping consumers when a debt collector violates the act.

Just Google “Fair Debt Collections Lawyer.” Many can help you at no cost out of your pocket.

They will take your case on a contingency basis and get paid from the money they collect from the debt collector. 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 Foreclosure Avoidance Short Sale Help: Use This Advanced Strategy To Stop Harassing Debt Collector Calls is provided as a courtesy to our viewers to help them make informed decisions.

How Soon Can I Buy Another Home After A Columbus Short Sale?

Columbus OH – We receive this question a lot. “I am upside down and need to move. I would like to buy another home. Can I do that?” they ask us.

Today they can. FHA (the Federal Housing Administration) has a new program that enables you to short sale your existing home and buy a new home right afterwards.

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

The home you purchase would have to meet FHA’s standard lending guidelines. FHA is a great mortgage program.

In fact, more people buying a home in today’s market are getting an FHA loan.

Here is what you would need to do to participate in the program:
 
1. Determine if you qualify to participate in the program. We have been told that you will need the following.

(Guidelines can change at any time, so make sure you check them with a Mortgage Professional familiar with the program.)

A. A 640 FICO credit score or better.

B. You must be current on all installment payments and your mortgage.

C. No bankruptcy or foreclosure on your credit in the last 7 years.

D. The home you are purchasing must be inferior to the one you are selling. I don’t know the exact guidelines, but I think it means it is a smaller home, or it has less bedrooms or a lower price.

E. You will need the 3.5% down payment for the new purchase.

2. Continue making your mortgage payments each month.
 
3. Talk to a Mortgage Professional and fill out FHA’s Short Sale and Buy Application.

4. Get pre-approved for your next home loan.
 
5. Put your home on the market with a licensed short sale realtor.

6. Once the short sale is approved, then you can start looking at other homes. 
 
7. Close on selling your home and on purchasing the new property.  

All in all it seems pretty simple. The key is to make sure they you are approved for the loan on the next home before you sell your existing home. 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 How Soon Can I Buy Another Home After A Columbus Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.