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Morris County Short Sales: Four Specific Examples of Big Bank Negligence
Morris County NJ – Here are four specific examples of big bank’s negligence causing a loan owner to lose money. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Example #1: Not giving buyers an answer on a short sale within one week. Home buyers don’t like to wait 3-6 months for an answer on a short sale. This fact causes many buyers to shy away from short sales, thereby causing short sales to sell for less. Lenders should help the loan owners recoup as much money as possible from short sales. To do this, they make the short sale approval process as quick as possible. They could start the property valuation process when the property is put on the market and determine a certain price they would accept. More buyers would be willing to purchase the property because they know they wouldn’t have to wait 3-6 months for an answer on the short sale. Example #2: Turning down loan mods that amortize at a higher value than what is netted on a short sale or thru REO. Let me explain a little better. A lender negotiates a loan mod with a borrower with a ... more

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