Westminster CO – We have received some interesting responses from some of our past clients in regards to the tactics the short sale lenders are doing after the closed short sale!
It appears that after the short sale is complete, the banks are resuming "collection tactics" to repay them on the loan. These lenders are actually stating in their short sale approval letters that the seller will be released from liability.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is the e-mail I received from this agent. “I having been working the short sales diligently the past two years and continue learning a lot, even though this is a tough market.
I recently completed a transaction where the lender agreed in writing to not pursue a deficiency judgment. After the transaction closed, the owner received a notice that the lender was still going to go after him for the deficiency.
There is so much fear that drives people into foreclosure and bankruptcy, that I don't have any information about "after the fact". Jan."
Does NOT seem right, does it?? There have been other stories like this, that I heard about. Some are with the larger banks. Remember, the ONES that received a "bail-out" of the tax payers money!!
They will attempt to chase down the borrower to try and collect the deficiency from the short sale. This is why it is SO IMPORTANT to keep ALL of your documents from the bank short sale approval! Turn over these documents to an Attorney and let them work the issue!
Obviously I haven't seen the approval letters on these stories. So, I don't know for sure if the short sale approval letters actually did let the seller off completely. Some letters will state that the lender WILL NOT release the borrower from any future recourse! SO, understand what the short sale approval agreement states!!
This doesn't surprise me at all. It looks like the typical way of doing business for the banks. Kick the little guy while the people at the top get away with this nonsense. Or, if you have connections, you get bailed out.
Where is the bailout money coming from? Oh, I almost forgot again. The little guy!
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 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.
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Thanks for reading this, Dan Hopper.
View My homes for sale at www.danhopper.com.
Dan Hopper specializes in loan modification assistance and short sales in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and 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 Stop Foreclosure: Another Short Sale "Insider" to Know!, is provided as a courtesy to our viewers to help them make informed decisions.
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