These lenders are usually a lender that you originally got the loan from. A good example is a credit union loan, or a small community bank.
Another common type is loans that were granted with Private Mortgage Insurance. In our experience, these companies are very demanding.
They negotiate hard and say they will not approve a short sale without a promissory. However, that is not always the case.
You can often convince them to waive the deficiency if you do the following.
1. Prove to them that you don’t have any assets or any extra monthly income.
2. Prove that your home is worth what the buyer is offering on the short sale. This is your agent’s job to do. Your agent will put together an agent’s version of an appraisal.
This will include comparable sales and what your property is worth, based on those comparable sales. Your agent will show them that they are better off accepting the short sale.
If you have presented your case well and the lender buys it, then they will usually waive the deficiency or promissory note and accept what they can get. After all, something is better than nothing. Make sense?
Another option is to hire a good lawyer to negotiate for you. Look for a lawyer with experience in bankruptcy.
They can use the threat of bankruptcy to convince the lender to approve the short sale with the deficiency waived. Bankruptcy is very bad for creditors.
If you declare bankruptcy, then it could take 12-18 months before the lender can sell the house. Their right to collect from you would be wiped out in bankruptcy.
A short sale where they get their money today is a much better option. That’s why they’ll usually take that option when threatened with bankruptcy. 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 firstname.lastname@example.org. 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 (312) 953-6725
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, Phil Buoscio.
Phil is a Real Estate Agent at http://shortsaleagentadvocate.com/. Chicago Short Sales Realtor:
Phone: (312) 953-6725. email@example.com.
View My homes for sale at www.BetterLivingRealty.com.
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.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.
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 http://shortsaleagentadvocate.com/.
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