Menifee CA – Banks continue to play by their own set of rules. I recently met a couple of agents at a short sale convention I attended. One agent informed me of some really shocking news. She had been working on a short sale approval in a diligent fashion for the past two years and got the short sale approved. The lender stated they were approving the short sale and would allow the seller to walk away owing nothing.
However, after the short sale was complete, the lender resumed collection tactics for her clients to repay the loan. The lender stated in the approval letter that the seller will be released from liability. Sadly, this is not the first time I have heard this from other agents.
During the convention, I heard another horror story. A major lender who also happens to have a horrible reputation on short sales got an approval releasing her sellers completely. After escrow closed, the lender persued her clients for a $60K settlement.
I can't say for sure that I had all the facts from these two agents I met at the convention and obviously I did not see the approval letters first hand but they both appeared as very informed and experienced in their field.
Unfortunately, this doesn't at all surprise me that banks are pulling these stunts as they continue to play by their own set of rules with scare tactics and kicking people while they are down all while banks are getting enormous sums of bailout money. No wonder why the American Public is so disgruntled!
Thinking about a short sale? Work with my team and discover how other sellers successfully completed a short sale. Our services are absolutely free and without obligation. You pay nothing. Please request a free consultation.
If you are thinking about a loan modification I offer a complimentary loan modification kit has the instructions you will need to get a loan modification approved with your bank.
Thanks for reading this, Sherry Kotvis.
Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:
Phone: 951-315-3201. or email me at team@sherrykhomes.com
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