The Foreclosing Banks
The Banks are often seen as the "bad guy", but they are also feeling the pain in the increase in foreclosures. As a result in the steep increase in foreclosures and delinquencies, the banks are overwhelmed. Response rates from the banks are very slow. The banks are having to ramp up their personnel in their loss mitigation departments.
Benefit to the Bank in approving the shortsale:
If the bank takes the house back, they cannot lend out X amount of dollars in new loans, as they are regulated by the government. The more completed foreclosures, the less they can lend out in new loans. Also, increase expenses each month that they have the property in their REO department. It makes sense to approve the shortsale if it is the best for everyone involved.
Please let me know if you have any questions whatsoever about shortsales as I have been involved in them since 2001 and have quite a bit of experience in helping home owners in giving them options, as well as in negotiating with the bank.
Warmly,
Stephanie LeFew
Your Lutz Realtor
Solaris Realty of Tampa Bay
813-624-3332
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