Glenndale AZ –
Another common type of loan that does not usually have a deficiency is a “Sliced and Diced” loan. A “Sliced and Diced” loan is a loan that has been securitized along with a bundle of other loans. Here is how that happened. John gets a loan from ABC Bank. ABC Bank is running out of money to lend out. So, they sell 1,000 of their mortgages to Goldman Sachs.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Goldman then securitizes that bundle of 1,000 mortgages and sells of 50,000 shares of stock. Each piece of stock represents a small percentage of the bundle of 10,000 mortgages. But, how does that affect whether or not you will have a deficiency on a short sale?
First, the majority of “Sliced and Diced” loans that we have short sold released the seller from the deficiency. This means that the short sale approval letter said that the homeowner was being forgiven of the debt. What about the people who are not specifically released from the deficiency? The good news is that the vast majority move on with their life and never hear anything more from their lender. Time moves on and they forget about the debt. The good news is that after a few years the statute of limitations kicks in and they are home free. Their lender no longer has the right to collect the money from them.
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 NorthWest Valley Short Sale Deficiencies On "Sliced & Diced Loans? is provided as a courtesy to our viewers to help them make informed decisions.
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