Bellevue WA – The Stop Foreclosure Institute received a few responses from yesterday’s blog post. Most of the questions went something like this. “I think a lender would be stupid to approve an investment property short sale for a wealthy person. If I was the lender I would sue them for the loss. Jan.” The bottom line is that people didn’t think a lender would allow a wealthy person to walk away from the debt on an investment property.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here are a few reasons that a lender will allow a wealthy investor to walk away from an upside down investment property. Lenders know that if they can give a customer what they want, then it will help them. If they don’t give a customer what they want, then everything turns into a fight. Some homeowners will hire a lawyer to review every clause in the mortgage. They will check to make sure that each clause of the mortgage meets every single conceivable state and federal law. Other people will declare bankruptcy to avoid paying the debt. Click here to continue reading.