Glendale AZ –
We had a negotiator at Bank of America try to push us around a little while ago. We’ve studied and analyzed all of the short sale guidelines and rules. This was an FHA loan and therefore would be governed by FHA’s Short Sale Guidelines. This means that the lender must follow FHA’s Specific Instructions on how to handle the short sale. Here's what happened.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
FHA sends all of the lenders who handle their loans a letter called "Mortgagee Letter 2008-43." It details exactly how the banks servicing an FHA loan are supposed to negotiate on a short sale. This letter is 16 pages long and gives them specific directions on how much to pay agents, what percentage of the appraisal they can accept, etc. We had had a wretched experience another FHA short sale. The lender lied to the seller's prior agent and hadn't followed the FHA Short Sale Guidelines. Because of that experience, we had read thru this letter 2-3 times. Bottom line, we know a little bit about FHA's rules for short sales. The problem was this negotiator at a large national bank didn't want to follow the rules! Instead she made up her own rules! She told us that the buyer and seller had to split the cost of the title insurance. The problem is on page 12 of the Mortgage Letter, it says that they are allowed to approve a file paying the standard title insurance costs. In our area, it is the sale's contracts are written with the seller paying for the title insurance. The buyer pays their closing costs and the title insurance for their lender. But, this negotiator didn't want to allow that. I had to argue back and forth with her for 2-3 days until she finally relented. FHA is insuring this lender against any and all loss on the loan. They have given that lender an almost risk free way to make a decent profit on a mortgage. If they have given you specific instructions on how to negotiate a short sale, then follow those instructions! Here is the bottom line. If the negotiator at the lender is lying to you, then ask for their manager. When you talk to their manager, explain how they are breaking the rules. Tell them you may contact FHA and tell them that the lender is breaking the rules. 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 Sales: Why Do Bank Negotiators Break The Rules? is provided as a courtesy to our viewers to help them make informed decisions.
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