Bellevue WA – I am following up on a question from Arman. His loan was owned by Fannie Mae and the company handling the loan for Fannie Mae was rejecting an excellent short sale offer for no reason.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is a quick recap of what I recommended Arman do.
Step #1: Call up IBM and demand a written letter explaining why they are declining the short sale offer.
Step #2: Write down what you project your damages are going to be if the property is foreclosed upon instead of sold as a short sale.
Step #3: Call up the company handling the loan for Fannie Mae and tell them if they reject the short sale for no reason and the house is foreclosed, then you will be suing them for those specific damages you drew up in Step #2.
Here is the basis for a lawsuit. Fannie Mae is the owner of his loan. If the short sale offer is rejected, then the property will be foreclosed.
In most cases, foreclosed properties sell for 10-15% less than the short sale offer. I can show you countless examples of this happening.
The company handling his loan is not his “lender.” They were hired by Fannie Mae to collect payments and do what is in Fannie Mae’s best interest.
The basis for the lawsuit against this company is that they are not doing everything they can to help Fannie Mae net the most money from the property sale. As a result of them not doing their job, he will have a foreclosure on his record.
We all know that a foreclosure will be much more damaging to his credit history. He will have other damages as well. That will be the basis of his lawsuit.
When you get in front of a jury and show how this company’s negligence caused Fannie Mae to lose $15,000 (what I project they will lose) and that it hurt him as well, then the jury will award damages in a heartbeat.
In tomorrow’s blog post I will detail the specific damages he might be able to ask to be compensated for by the lender. 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 paulandc@yahoo.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 (206) 261-7355
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Bellevue 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, Paul Nelson.
Paul is a Real Estate Agent at Force Realty. Bellevue Short Sales Realtor:
Phone: (206) 261-7355. paulandc@yahoo.com.
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