Montgomery County Short Sales: Drawbacks To Bank Of America's New Short Sale Program

Real Estate Agent with Re/Max Town Center
Montgomery County Short Sales: Drawbacks To Bank Of America's New Short Sale Program

Montgomery County MD – Despite the fact that the Cooperative short sale may help the borrower leave the home without some of the negative aspects of a foreclosure, it has its drawbacks that you may need to consider before you decide to explore this option. Below are some of the drawbacks:

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Deed in Lieu. In the event that your home does not sell, then the program stipulates that the next step is a deed-in-lieu of foreclosure.

This affects your credit just like a foreclosure does. We not see why you couldn't refuse the deed-in-lieu at that stage and attempt another short sale. Or, at least live "rent free" until the bank forecloses.

Second Lender / Mortgage Insurance Refusal to Participate.

If you have two loans on a short sale, then you will always need the approval of the second lender to participate. If the second lender does not agree to the first mortgage's offer, then they might refuse to approve the short sale.

Moreover, if the loan has mortgage insurance, the Mortgage Insurance company will need to approve the sale as well.

Thinking about a loan modification? Our Montgomery Frederick & Prince George’s County loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send us an e-mail at to request a Free Copy.

Click here to request your free copy.

Thinking about a short sale? We can help you short sale your property so you can move on with your life. Send us an e-mail at We will contact you for a free consultation.

When we talk, we will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call Rick directly at (301) 758-1059.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Avoid Foreclosure, Keep your home & credit:,,

We Solve Financial Problems To Make YOUR Homeowner Needs and Dreams A Reality!

Thanks for reading this, Rick Thompson & Team

Real Estate Agents at Remax Town Center. Montgomery Frederick & Prince George’s County Short Sales Realtor:

Rick Thompson Phone: (301) 758-1059 email us at:

Chris Thompson Phone: (301) 758-2679

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Stop Foreclosure Institute of Montgomery County

Don’t live in Montgomery County, MD? Don’t worry, if you live in Frederick or Prince George’s Counties we can still help!

Rick Thompson & Team specializes in loan modification assistance and short sales in Montgomery County Maryland. Montgomery County Loan Modification Help, Montgomery County Short Sales. Montgomery County Short Sale Realtor Montgomery County MD Short Sales. Montgomery County Realtor.

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Important Notice

Rick Thompson & Team, Remax Town Center, 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 Rick's personal views and do not reflect the views of Remax Town Center.

This information on Montgomery County Short Sales: Drawbacks To Bank Of America's New Short Sale Program is provided as a courtesy to our viewers to help them make informed decisions.

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