The specific damages a foreclosed homeowner might ask to be compensated for by their lender after a rejected short salePosted on November 24th, 2010 in All Articles, Short Selling/Buying.
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.
Here are some of the damages a foreclosed homeowner might be able to ask for.
Credit Damage. A foreclosure is much more damaging long term to your credit than a short sale. For the next 7 years they will have to answer yes to the standard question that is on most credit applications: “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?”
Harm from a potentially larger amount being owed to the owner of the loan. If the short sale was turned down, and as a result the home sold for less as a foreclosure, they owner of the loan could pursue the homeowner for more money.
This would be a much easier argument after the foreclosed home sold and you have a copy of the sale prices of the home and the original short sale offer in hand.
These are two things I can think of that are the most likely to be approved by a jury. If you can think of additional damages, then please post them in the comments section below.
There is something else very interesting this home seller told me. When he talked to a women at the lender and asked why they were rejecting the short sale offer, she replied “We or some of our investors will buy it.”
That sounds pretty fishy to me. I have seen other people who handle loans for a third party owner profit from the loan owner’s loss.
For example, one company charges the buyer a $1,500 to $5,000 fee for buying the short sale. If the buyer won’t pay, then they won’t approve the short sale. Remember, they are being paid by the owner of the loan.
In fact, they are paid very well. The business is so profitable that IBM Computers recently opened a subsidiary loan servicing company.
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. 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. email@example.com.
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