Morris County NJ – We received a lot of feedback from yesterday’s post.
As Realtors, we are always discussing the short sales we are negotiating and the pitfalls we are encountering. Some Realtors have more knowledge than others for the simple fact they are in the game more often than not. Right now, we have more short sales than conventional sales in our inventory.
Some Realtors say they can wait for more than 3 months to get a response from the Bank they are working with. Others say, oh, just did a short sale and it took me three months to complete it.
There are no rights or wrongs here, simply the fact that every loan has different investor behind it, every Bank has a different operation, and there are no two alike in how they handle a short sale. We haven’t even discussed the fact that there is no same negotiator that has the urgency of another.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
So it is not to say that all Realtors are incompetent. However, we do see some agents with no experience with short sales attempting to sell them.
Banks have their own responsibilities, and most do not own the loan they service. This does means they don’t take any of the loss from a short sale that isn’t handled properly.
The “Investor” behind the mortgage loan has laid out specific guidelines. Those guidelines state exactly how the bank should process the short sale. The investor guidelines spell out how long it will take to process a loan as well. That investor might be behind a VA loan and only has 45 days to process it or they lose their mortgage servicing rights. Those rights could be worth up to $5,000 per loan they handle.
This is just an example how the “investor” behind the loan controls the outcome of the short sale, not the bank. The bank is simply servicing the loan, for the most part, but it is their job to get the information to the investor correctly to determine if the investor is willing to take the loss and for how much. It is their job to handle the short sales quickly and competently. If they don’t do their job, then we let the people that own the loan know about it.
I can help you short sale your property the right way.
Send me an e-mail at merydith.endelman@gmail.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 877-722-8553
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Morris County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Merydith Endelman.
Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:
Phone: 877-722-8553. merydith.endelman@gmail.com.
Helping Homeowners
Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.
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Important Notice
Merydith Endelman, Realty Executives International, 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.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
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.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.
This information on Morris County Short Sales: Can banks get in trouble for taking too long to process a short sale file? is provided as a courtesy to our viewers to help them make informed decisions.
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