San Jose Short Sales - Lender Resistance
More and more lenders seem to be doing everything unimaginable to ensure a property is foreclosed versus a cooperating with a successful San Jose short sale.
Recent short sale prevention tactics San Jose Real Estate agent, Kathleen Daniels has experienced on San Jose Short Sales are:
- Insanely high counter offers based upon BPO valuations
- Loans being service released to another servicer in the middle of negotiating an offer
- Negotiators closing out files in the middle of negotiating an offer and refusing to discuss “why”
The New York Times posted an article on October 24, 2010 entitled: Short Sales Resisted as Foreclosures Are Revived wherein they profiled a homeowner who lost her high-paying job and drained her retirement savings. The homeowner made the decision to short sale as a foreclosure alternative because it damaged her credit rating less than a foreclosure.
The homeowner owed $206,000. A buyer was willing to pay $200,000. GMAC rejected the offer and indicated it would foreclose in seven days. According to the homeowner’s broker, the bank estimates it will make $19,000 less on a foreclosure than on a short sale. GMAC declined to be interviewed regarding the file.
Despite how challenging many big banks are to deal with San Jose Real Estate agent, Kathleen Daniels specializes in San Jose short sales.
If you, or someone you know, are having difficulty making your mortgage payments, don’t wait until you’re out of time … get the help you need now!
Call 800-972-1822 to schedule a consultation
OR
visit San Jose Short Sales and schedule a consultation.
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