Some homeowners looking to short sell their home think that they will have to repay their lender for the entire loss. It's unfortunate to see them stress out and lose sleep at night wondering how they will repay the debt.
A short sale loss is usually a large bill for the average homeowner. They don't know how they will come up with that sum of money to repay the lender.
The good news is that most homeowners will not have to repay the lender for the loss. Here is why:
Most loans are owned or insured by Uncle Sam. Around 65-70% of all loans are owned by Fannie Mae or Freddie Mac, or insure by FHA or VA. Uncle Sam's policy so far has been to allow homeowners experiencing a hardship to walk away from the debt. This is good news if you have a Fannie Mae, Freddie Mac, FHA ,or VA loan.
Contact me and I'll research if your loan is one of these types.
In many other cases, lenders will simply agree to erase the debt. They know that you can't squeeze money from someone who is having financial problems.
Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at steve.capen@gmail.com or call 727-348-2211.
Steve Capen
Steve Capen & Associates - Keller Williams Realty
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