Denver, CO – One wonders if the banks are delaying the foreclosure and short sale process in order to take a loss. Even the media is reporting that they must be doing this to avoid showing losses on their books.
We have seen a reduction in recorded foreclosures in the Denver area, and yet the short sale activity is still very high, especially with property under $200,000.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
I believe there is another major reason for the slow down of recorded foreclosures. The bank departments that handle foreclosure and loss mitigation are understaffed. We have recently heard that Bank of America is talking about reducing their staff by 30,000!!
When the foreclosures increased hugely due to the housing crisis, the banks have tried desperately to hire on more staff. Over the last 6 years, we have noticed that the quality of the customer service (negotiators) at the banks, has been very poor. Most do NOT know the rules and laws as they pertain to "credit", and the regulations as dictated by FannieMae, FreddieMac, and GinnieMae.
But, it takes time to hire and train people when the banks are handling a huge increase in delinquent loans. Besides, there is little accountability. Thus, we see a great turn over of personnel in their loss mitigation department.
Do you think a Fannie Mae Bureaucrat cares if a foreclosed home isn't put on the market right away? It's all play money when it's not your money.
Another factor in this is that most loans are not owned by the banks in question. For example, Bank of America only owns 80% of the mortgages they receive payments for.
It's not Bank of America's loss. It's Fannie Mae's loss, Freddie Mac's Loss, or a Pension Fund's Loss. The banks and loan owners have been willing to take huge losses on short sales homes we have sold.
Sure, the short sale process was slow. But, how fast or slow it was didn't depend on the size of the loss. We have experienced very fast short sales on huge losses.
We have also experienced very slow short sales on small losses. The short sale process takes a while whether or not the loss is big or small.
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: Deny Short Sales to Avoid a Loss?, is provided as a courtesy to our viewers to help them make informed decisions.
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