Glendale AZ
– Many homeowners considering a short sale are concerned about a deficiency. "Will I be forced to repay my bank for the $150,000 they lost", they ask me. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The good news is that most homeowners are able to walk away from their home without paying their lender another dime. A big part of this is because their lender agrees to that as part of the terms of the short sale. In addition, many states, such as California, require lenders to erase any deficiency when a homeowner short sells their home. But, these are for cases when the homeowner is short selling their house and the lender has included language in the short sale paperwork specifically releasing the borrower from a deficiency.
What about situations where this isn't happening. As an example, many states allows lenders to collect a deficiency after a foreclosure. even when a lender. With a judicial foreclosure the lender already has a judgment they can use to garnish wages and levy bank accounts. So does that happen? We haven't seen any cases of it happening. We think the reason is because most homeowners simply declare bankruptcy when they are faced with sudden $100,000 bill. The lenders see this happen a few times and decide it isn't worth the effort.
Taking a look thru court cases at the local courthouse hasn't turned up any lenders collecting on a deficiency. Remember, there are thousands more foreclosures than deficiency judgments. The lenders probably view collection on a deficiency as difficult and unlikely to bring much return on the investment. That is why we think they don't even both with it. What do you think? Please post your experiences in the comments section below.
Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at collinsrealty@msn.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (602) 290-0950 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Thinking about a loan modification? Our NorthWest Valley loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. Thanks for reading this, chris Collins. chris is a Real Estate Agent at Show Appeal Realty. NorthWest Valley Short Sales Realtor: Phone: (602) 290-0950. collinsrealty@msn.com. View My homes for sale at northwestvalleyshortsales.com. Christopher Collins specializes in loan modification assistance and short sales in NorthWest Valley Arizona. NorthWest Valley Loan Modification Help, NorthWest Valley Short Sales. NorthWest Valley Short Sale Realtor. Glendale, Arizona Loan Modification Help, Glendale, Arizona Short Sales. Glendale, Arizona Short Sale Realtor. NorthWest Valley AZ Short Sales. NorthWest Valley Realtor. Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved. Important Notice chris Collins, Show Appeal Realty, 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 chris's personal views and do not reflect the views of Show Appeal Realty. This information on It Isn't Likely Your Lender Will Collect Any More Money From You After A NorthWest Valley Short Sale is provided as a courtesy to our viewers to help them make informed decisions.
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