Nashville TN – The Stop Foreclosure Institute recently received a question from Josh. Here was his question.
"I heard that a short sale reduces a lender's losses by 20% compared to a foreclosure. You would think that would make them excited to work on my short sale. But, they are dragging their feet.
My lender isn't that excited to work on my short sale. I think they are waiting for another bailout. Do you think that is true? Josh."
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is the answer to his question and some insight into what is really happening at the lenders. I think at the beginning of the recession the lenders were waiting for a bailout.
But, after that the real slowdown was that they are simply understaffed. In 2007 very few people were short selling their house.
The lenders didn't need a lot of people to process the few short sales. Fast forward 2 years. Short sale volume probably multiplied by ten times or more.
But, it takes time to hire and train more staff. Short sales aren't simple. There are lots of guidelines and laws regulating them. A new staff person can't just show up and start processing files tomorrow.
More than anything else this has slowed down the short sale process. So, do the lenders like short sales? The CEO does because it cuts the lender's losses.
But, the employee who has watched his file law quadruple probably doesn't like short sales. He is having a hard time coping with the extra workload.
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 nashvilleshortsalepros@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 (615) 850-4173
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Nashville 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, Reggie Woodgett.
Reggie is a Real Estate Agent at RE/MAX Elite. Nashville Short Sales Realtor:
Phone: (615) 850-4173. nashvilleshortsalepros@gmail.com.
View My homes for sale at Brentwoood TN Homes For Sale
Reggie Woodgett and The Woodgett Group specialize in loan modifications and short sales in Nashville Tennessee. Nashville Loan Modification Help. Nashville Short Sales. Nashville Short Sale Realtor. Nashville TN Short Sales. Nashville Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Reggie Woodgett, RE/MAX Elite, 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 Reggie's personal views and do not reflect the views of RE/MAX Elite.
This information on Another Nashville Short Sale Myth: Lenders Are Dragging Their Feet On Short Sales And Waiting On A Bailout is provided as a courtesy to our viewers to help them make informed decisions.
Another Nashville Short Sale Myth: Lenders Are Dragging Their Feet On Short Sales And Waiting On A Bailout
Nashville TN – The Stop Foreclosure Institute recently received a question from Josh. Here was his question.
"I heard that a short sale reduces a lender's losses by 20% compared to a foreclosure. You would think that would make them excited to work on my short sale. But, they are dragging their feet.
My lender isn't that excited to work on my short sale. I think they are waiting for another bailout. Do you think that is true? Josh."
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is the answer to his question and some insight into what is really happening at the lenders. I think at the beginning of the recession the lenders were waiting for a bailout.
But, after that the real slowdown was that they are simply understaffed. In 2007 very few people were short selling their house.
The lenders didn't need a lot of people to process the few short sales. Fast forward 2 years. Short sale volume probably multiplied by ten times or more.
But, it takes time to hire and train more staff. Short sales aren't simple. There are lots of guidelines and laws regulating them. A new staff person can't just show up and start processing files tomorrow.
More than anything else this has slowed down the short sale process. So, do the lenders like short sales? The CEO does because it cuts the lender's losses.
But, the employee who has watched his file law quadruple probably doesn't like short sales. He is having a hard time coping with the extra workload.
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 nashvilleshortsalepros@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 (615) 850-4173
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Nashville 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, Reggie Woodgett.
Reggie is a Real Estate Agent at RE/MAX Elite. Nashville Short Sales Realtor:
Phone: (615) 850-4173. nashvilleshortsalepros@gmail.com.
View My homes for sale at Brentwoood TN Homes For Sale
Reggie Woodgett and The Woodgett Group specialize in loan modifications and short sales in Nashville Tennessee. Nashville Loan Modification Help. Nashville Short Sales. Nashville Short Sale Realtor. Nashville TN Short Sales. Nashville Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Reggie Woodgett, RE/MAX Elite, 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 Reggie's personal views and do not reflect the views of RE/MAX Elite.
This information on Another Nashville Short Sale Myth: Lenders Are Dragging Their Feet On Short Sales And Waiting On A Bailout is provided as a courtesy to our viewers to help them make informed decisions.
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