There is some sentiment in the real estate community that banks are power grubbing and denying short sales to stay control. Control of what? Mortgage lending is a critical role in real estate. Are you one of those ranting about the banks? As a veteran short-sale agent I understand the position of the note holder, servicer, mortgage company and guarantor. Who are all these players? These entities are for profit companies who lend money in a bubble and bust economy. They make it possible for you and I to earn commissions; NAR certainly cannot take credit as they don't lend money to our buyers.
Servicers make a commissions on collecting payments for note holders. When a servicer cannot fulfill their contractual obligation, the servicer has to dip into their “savings” to pay the note holder in full. Because this is unsustainable long-term, the loan is packaged with a guarantor (GSE’s like FannieMae) and mortgage insurance to help absorb the blow when borrowers walk away or sell short. The agreements between the servicer and insurance entitites state that they get final approval.
The note holder can be a bank but can also be a pension fund, hedge fund, foreign or private investor. Without all these valuable players, America, you and I, suffer greatly as the real estate industry would come to screeching halt; millions of people including you and I would be unemployed. I guess by now you can tell I'm a real estate broker and cheerleader for banks or Financial Holding Companies (FHC's). The FHC's are not the problem, the ignorance and adversarial positions inside the industry are the problem! Ideological Polarization is the problem!
Information is easy to come by so learn how the system works become a team player and excellent negotiator; maybe then, you will see that Short Sales are a safe haven that the mortgage industry embraces when a bona-fide hardship is present. By respecting the players position and honoring their right to investigate the hardship you'll close short sales easier and faster than being adversial or having an entitlement stance. If you were owed millions of dollars wouldn’t you make it difficult to commit fraud? Wouldn't you exhaustively look for fraud before renegotiating a promissory note that you held.
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