Bellevue WA – The Stop Foreclosure Institute recently received a question from another agent. Their seller had a misconception about what to do when selling an upside down home.
Here is the question we received: “Do you have a number to contact Fannie Mae? The bank will not allow the seller to not do a short sale and agree to repay the loss on a promissory note.
The seller wants to talk to the owner of the loan, which is Fannie Mae. My seller just wants to sell and move on with her life. Janet.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was our response. I understand the logic of what your seller is trying to do. They think that they can just sell the home for less than it’s worth, sign a promissory note for the difference, and move on with their lives.
The sad reality is that life’s not that simple, especially when you are dealing with bankers. Click here to continue reading.