Westminster CO – The Stop Foreclosure Institute recently received a question from Chris. Here was her question.
"I just got an approval from a large national lender this morning and the approval letter stated the following: “Promissory Note of 0.00.” What does a Promissory Note of 0.00 imply? It is best to know 100% in writing for sure so I don't have that possible issue looming over my head for who knows how long. What are your thoughts on this? Chris."
Here was our response.
If It shows the promissory note of 0.00 is "to assist in the closing of this transaction", my main concern is that Colorado is a "recourse" state. Which means they allow debt collectors to go after any deficiencies with home loans. I would prefer that the lender will agree, in the written short sale approval, not to pursue a deficiency judgment.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Do I think they are willing to modify their approval letter for you? This bank worries more about being legally protected than they do about approving one short sale.
You might be able to get the negotiator to state that they will waive this clause. But, it isn’t always possible. We have seen the pressure put on the lenders by the Mortgage Insurance (MI) companies to mitigate their losses, with these ridiculous "promissory notes".
In other States' cases, the banks can have you sign a contract, but if the law forbids it, then the contract may be legally invalid. Talk to an attorney about whether or not that clause even matters.
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.
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. Request your FREE copy, below!
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: Short Sale Question About Deficiencies!, is provided as a courtesy to our viewers to help them make informed decisions.
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