Westminster Short Sale Myth: The bank wants a deficiency on the short sale so I can get out of it by letting them foreclose

Westminster CO – Most people short selling their home do not want to repay the deficiency. And in most cases, the lender allows them to walk away with no deficiency (No Recourse).

But, that is not always the case. Some banks are very pushy when it comes to the deficiency. They won’t approve the short sale unless the borrower accepts a deficiency. There are ways this can be avoided in the future, and you can contact me for the details.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Some home sellers have told the Stop Foreclosure Institute that if the lender won’t approve the short sale without a deficiency, then they will simply allow them to foreclose on the property.

This seems like a good strategy on the surface. But, it could end up costing a homeowner even more money in the long run. Not to mention, the recourse for the outstanding debt through credit collectors. Some states do not allow any recourse, but not here in Colorado. (Recourse can occur and often does on foreclosures)

That is because the homeowner loses control over the condition of the home when it is on the market. They aren’t able to maintain the home and keep it up.

Most homes that have been foreclosed on are abandoned by the lenders. Sure, they “winterize” the homes. But, they don’t do anything to keep the homes in tip top showing condition.

This causes most bank owned homes to sell for less money. Here is something else that will cause you home to sell for less money. The buyers aren’t willing to pay as much.

Buyers know when a home for sale is bank owned. What do you think pops into them mind when they see that? “I can buy it for a steal”, they think to themselves.

This causes bank owned homes to sell for less. And if it sells for less money, then the bank will come looking for a larger deficiency payment.

This is why a short sale is usually better for you versus letting the bank foreclose and then sell the house.

Thinking about a loan modification?Our Westminster loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at denverforeclosureblog@gmail.com to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at denverforeclosureblog@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 303-521-0984

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Dan Hopper.

Dan is a Real Estate Agent at Remax Alliance. Westminster Short Sales Realtor:

Phone: 303-521-0984. denverforeclosureblog@gmail.com.



View My homes for sale at www.danhopper.com.

Dan Hopper specializes in loan modification assistance and short sales in Westminster Colorado. Westminster Loan Modification Help, Westminster Short Sales. Westminster Short Sale Realtor. Denver CO Loan Modification Help, Denver CO Short Sales. Denver CO Short Sale Realtor. Westminster CO Short Sales. Westminster Realtor.



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Important Notice

Dan Hopper, Remax Alliance, 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 Dan Hopper's personal views and do not reflect the views of Remax Alliance.

This information on Westminster Short Sale Myth: The bank wants a deficiency on the short sale so I can get out of it by letting them foreclose is provided as a courtesy to our viewers to help them make informed decisions.