Denver, CO – In today's environment of foreclosures and short sales, you are bound to come across a variety of situations that can raise some questions about the process.Here is one example of a question that was recently received by a potential client.
"Can an investment property that was "inherited" be a successful short sale without the owner having to pay back the deficiency? I am curious to know the answer. Robert.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is our answer to Robert's question. Since, the property is now inherited, we can assume that the original owner / loan borrower is deceased. If that is the case, then there is a good chance that there will be NO deficiency for the heirs to the property. Please, contact an Attorney to verify this!
Most lenders' loss mitigation departments will want a short sale package that would include financials, but in this situation, it becomes irrelevant. The borrower is not alive. DO NOT be afraid to negotiate a short sale with an incomplete package!
In the past, we have done many short sales without the completed short sale package due to this similar situation when properties have resided in a Living Trust. Without any recourse for the debt or deficiency. So, GO FOR IT!
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 RE/MAX Alliance.
This information on Stop Foreclosure: Can You Avoid a Deficiency on an Inherited Short Sale Property?, is provided as a courtesy to our viewers to help them make informed decisions.
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