Here is a quick recap of what I recommended Arman do.
Step #1: Call up IBM and demand a written letter explaining why they are declining the short sale offer.
Step #2: Write down what you project your damages are going to be if the property is foreclosed upon instead of sold as a short sale.
Step #3: Call up the company handling the loan for Fannie Mae and tell them if they reject the short sale for no reason and the house is foreclosed, then you will be suing them for those specific damages you drew up in Step #2.
Here is the basis for a lawsuit. Fannie Mae is the owner of his loan. If the short sale offer is rejected, then the property will be foreclosed.
In most cases, foreclosed properties sell for 10-15% less than the short sale offer. I can show you countless examples of this happening.
The company handling his loan is not his “lender.” They were hired by Fannie Mae to collect payments and do what is in Fannie Mae’s best interest.
The basis for the lawsuit against this company is that they are not doing everything they can to help Fannie Mae net the most money from the property sale. As a result of them not doing their job, he will have a foreclosure on his record.
We all know that a foreclosure will be much more damaging to his credit history. He will have other damages as well. That will be the basis of his lawsuit.
When you get in front of a jury and show how this company’s negligence caused Fannie Mae to lose $15,000 (what I project they will lose) and that it hurt him as well, the jury will award damages in a heartbeat.
In tomorrow’s blog post I will detail the specific damages he might be able to ask to be compensated for by the lender.
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When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (312) 953-6725.
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Thanks for reading this, Phil Buoscio.
Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..
Phone: (312) 953-6725. firstname.lastname@example.org.
View My homes for sale at www.BetterLivingRealty.com.
Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
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Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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. The views expressed here are Phil Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Chicago Short Sales: Are homeowners able to sue their lender for damages after a foreclosure is provided as a courtesy to our viewers to help them make informed decisions.