Montgomery County MD – We received some interesting and shocking news from another agent. They told us that lenders are are approving short sale and stating that they will allow the seller to walk away owing nothing.
However, after the short sale is complete, then they are resuming collection tactics to repay them on the loan. These lenders are actually stating in their short sale approval letters that the seller will be released from liability.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is the e-mail I received from this agent. “I having been working the short sales diligently the past two years and continue learning a lot, even though this is a tough market.
I recently completed a transaction where the lender agreed in writing to not pursue a deficiency judgment. After the transaction closed, the owner received a notice that the lender was still going to go after him for the deficiency.
There is so much fear that drives people into foreclosure and bankruptcy, that I don't have any information about "after the fact". Jan."
As you can see, the lenders aren't playing fair. This is the second story I have heard about this. I don't remember the details on the other one, but I think it involved one of the biggest lenders, who also happens to have a horrible reputation on short sales.
They did a short sale, and from what that agent told me, the short sale approval released the seller completely. The lender chased the seller down for 60k after closing.
Obviously I haven't seen the approval letters on these stories. So, I don't know for sure if the short sale approval letters actually did let the seller off completely.
This doesn't surprise me at all. It looks like the typical way of doing business for the banks. Kick the little guy while the people at the top get rich. Or, if you have connections, you get bailed out.
Where is the bailout money coming from? Oh, I almost forgot again. The little guy.
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Real Estate Agents at Remax Town Center. Montgomery Frederick & Prince George’s County Short Sales Realtor:
Rick Thompson Phone: (301) 758-1059 email us at: info@rickthompsonteam.com.
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Important Notice
Rick Thompson & Team, Remax Town Center, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse 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's personal views and do not reflect the views of Remax Town Center.
This information on Montgomery County Short Sales: Something You Must Know When Short Selling Your Property is provided as a courtesy to our viewers to help them make informed decisions.
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