– Some lenders are very stubborn about collecting what they feel they are “rightfully owed.”
These lenders are usually a lender that you originally got the loan from. A good example is a credit union loan, or a small community bank.
Another common type is loans that were granted with Private Mortgage Insurance. In our experience, these companies are very demanding.
They negotiate hard and say they will not approve a short sale without a promissory. 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.
If you have presented your case well and the lender buys it, then 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 negotiate for you. Look for a lawyer with experience in bankruptcy.
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 12-18 months before the lender can sell the house. Their right to collect from you would be wiped out in bankruptcy.
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 253-310-1177
Thanks for reading this, Nathan Olotoa.
Phone: 253-310-1177. firstname.lastname@example.org.
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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 Nathan Olotoa's personal views and do not reflect the views of Keller Williams-Tacoma.
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