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Bellevue Short Sales: Are homeowners able to sue their lender for damages after a foreclosure?

By
Real Estate Agent with Isaac Real Estate &TriStar Mortgage
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. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. 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, 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 never pay the bank another penny. Send me an e-mail at jirius@gmail.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 206-841-9976. 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 lender. Click here to request a copy. Thanks for reading this, Jirius Isaac. Jirius is a Real Estate Broker( no agents) at C21 Real Estate Center. Phone: 206-841-9976. jirius@gmail.com. View My homes for sale at http://kenmorehomesforsale.com/. Jirius Isaac specializes in loan modification assistance and short sales in Bellevue Washington. Bellevue Loan Modification Help, Bellevue Short Sales. Bellevue Short Sale Realtor Short Sale Realtor. Bellevue WA Short Sales. Bellevue Realtor. Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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. The views expressed here are Jirius Isaac's personal views and do not reflect the views of C21 Real Estate Center. This information on Bellevue Short Sales: Are homeowners able to sue their lender for damages after a foreclosure is provided as a courtesy to our viewers to help them make informed decisions.

Comments (3)

Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Jirius,

I was at a seminar this evening in Tucson, and a friend from Bellevue said you're getting snow right now!  Stay warm.

Mike in Tucson (warm, sunny Tucson...)

Nov 23, 2010 03:42 PM
Jirius Isaac
Isaac Real Estate &TriStar Mortgage - Kenmore, WA
Real Estate & loans in Kenmore, WA

Yeah, we got the snow and it got colder then ever.  Down to about 11 one nihgt.  Now we are back to our normal rainy weather, but it is still a little colder then normal.  My parents just went back to Sun City and are enjoying the good weather there now.

Nov 30, 2010 10:33 AM
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Apr 22, 2012 05:07 PM
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