Ashburn Short Sales: How to strong arm your lender on a short sale.
Ashburn VA - Here is a technique you can use to "strong arm" you're your lender on your short sale. The number one reason people short sale is to salvage their credit.
After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.
How would you feel if you worked hard on a short sale only to watch it fall apart because you lender dragged their feet?
http://stopforeclosureashburn.info/short-sale.html Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Later on the property sells for even less money than the short sale offer you had. I have said in earlier posts that, in my opinion, you could sue the lender for the damage caused to your credit by the foreclosure.
After all, the only reason the short sale wasn't successful was because they dragged their feet. Here is the technique you can use to strong arm the lender to accept the short sale.
Use your rights as a homeowner to get more information about the BPO. An inaccurate BPO is the number one reason short sales fail.
Getting your hands on a copy of the BPO will help your agent contest an inaccurate BPO. And it would be a big help in any future lawsuit. Here is the step by step strategy:
1. Request a complete itemized payoff from the foreclosing lawyer. In addition, request a copy from the lender themselves. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.
2. Review the payoff to see where the BPO is itemized. If a BPO has ever been ordered, it will most likely by itemized on there. If not, it may be included in some other payoff cost. Get confirmation of that in writing from the lender.
3. Since the BPO is added onto the amount owed by the homeowner, they have a right to a copy under the Equal Credit Opportunity Act.Fax the lender's legal department a request for a copy of the BPO.
Send a copy of the payoff and circle the spot where you think the BPO payment is. Request a copy for the borrower under the Equal Credit Opportunity Act. In addition, also mail the lender's legal department the same request.
If the lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at http://www.ots.treas.gov/www.ots.treas.gov, the FDIC at www.FDIC.gov, and the Comptroller of the Currency at http://www.helpwithmybank.gov/www.helpwithmybank.gov.
Indicate on your correspondence with the lender that if they do not comply, then you will be filing complaints with those agencies. 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 kmaz32@hotmail.com. 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 571-420-7838
Thinking about a loan modification? Our Ashburn loan modification kit has the instructions you will need to get a loan modification approved with your bank. Email me to request a free copy.
Thanks for reading this, Kyle Mazaris.
Kyle is a Real Estate Agent at RealEstate.com Realtors. Ashburn Short Sales Realtor:
Phone: 571-420-7838
Email: kmaz32@hotmail.com
Important Notice
Kyle Mazaris, RealEstate.com Realtors, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
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.
This information on Ashburn Short Sales: How to strong arm your lender on a short sale is provided as a courtesy to our viewers to help them make informed decisions.
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