The most stubborn banks are typically credit unions and small community banks.
Also, loans that were granted with Private Mortgage Insurance can be very demanding. Private Mortgage Insurance companies such as Radian, Mortgage Guaranty Insurance Corporation, United Guaranty, and Republic Mortgage Insurance Corporation have stepped up their loss mitigation efforts.
They negotiate hard and say they will not approve a short sale without a promissory note. However, that is not always the case.
You can often convince them to waive the deficiency if you do the following.
1. Prove to them that you don’t have any assets or any extra monthly income.
2. Prove that your home is worth what the buyer is offering on the short sale. This is your agent’s job to do. Your agent will put together an agent’s version of an appraisal.
This will include comparable sales and what your property is worth, based on those comparable sales. Your agent will show them that they are better off accepting the short sale.
If you have presented your case well, they will usually waive the deficiency or promissory note and accept what they can get. After all, something is better than nothing. Make sense?
Another option is to hire a good lawyer to write a letter for you. A Bankruptcy attorney is best.
They can use the threat of bankruptcy to convince the lender to approve the short sale with the deficiency waived. Bankruptcy is very bad for creditors.
If you declare bankruptcy, then it could take several months before the lender can sell the house. Their right to collect from you would be wiped out in bankruptcy.
A short sale gets them money today and is a much better option. That’s why they’ll usually take that option when threatened with bankruptcy. Thinking about a short sale?
Looking for a Rocklin Short Sale Expert who knows the Short Sale Process? I can help you short sale your Rocklin home and never pay the bank another penny. Send me an e-mail at firstname.lastname@example.org. 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 (916) 580-6084
Thanks for reading this, Mark Peek.
Mark is a Real Estate Agent at Keller Williams Realty. Short Sale Specialist Rocklin:
Phone: (916) 580-6084. email@example.com.
"Know Your Options"
View My homes for sale at www.CallPeek.com.
Mark Peek specializes in short sales in Rocklin CA and surrounding areas. Rocklin Loan Modification Help, Rocklin Short Sales. Rocklin Short Sale Realtor. Short Sale Specialist Rocklin. Rocklin CA Short Sales. Rocklin Real Estate.
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 Mark Peek's personal views and do not reflect the views of Keller Williams Realty on Short Sale Specialist Rocklin.
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