Choosing the right Denver Short Sale Agent can help you avoid serious losses and years of credit history "hits"
Choosing the right Denver short sale agent can help you avoid serious problems that could arise many years later from the short sale process.
Serious problems like:
One homeowner who decided to short sale his home in 2009 (opting for a popular, highly advertised, well known Real Estate Company to assist in the process) had the distressing experience of debt collectors chasing after himÂ over two years laterÂ for a second lien on the home of overÂ $75,000Â â€“ the second lien holder never forgave him the debt.
Usually, a seasoned Denver short sale agent knows the right legal terms to ask for from the first lien holder â€“ addressing contractual clauses in the right format so complete settlement can occur. The short sale agent negotiates between the lien holders so that a second mortgagor agrees on the amount the first mortgage lienholder offers to give, out of the cash from the short sale offer â€“ which is usually substantially less than what the seller owes.
But if the written clauses agreed to are not specific, fine- tuned to the unique situation of the client seller â€“ depending on state law, second mortgage holders can sue homeowners for the outstanding balance â€“ or the lender can sell the debt to collection agencies.
Unsuspecting Homeowners (who should have been well on the way to credit score recovery after the short sale was completed thru a competent short sale agent) suffer with constant hits to their credit score, loss of current credit, and the inability to get financing for a credit card or home long into the future.
Mortgagors don't always file paper work properly. Sometimes lenders record outstanding losses on its books as debt â€“ the difference between what is owed and what the house sold for â€“ and give that debt over to collection agencies.
Even in the case of a 25 Billion dollar settlement with the state attorney general, where five of the largest mortgagors agreed they would inform their borrowers of decisions made to delay or stop a foreclosure, compliance to that agreement has been pretty pathetic â€“ which means that many homeowners still struggle. Â Struggle with Problems that will plague their ability to recover and limit their choices for years.
Donâ€™t let the most advertised company sway your choice in the handling of your short sale decision â€“ Or the number of short sales a company has gotten thru the grist mill quickly.
Education, negotiation skills, detail oriented follow thru and the experience of a short sale agent should be your guide in making that choice.
Trusting your short sale agent to know what to do, when to do it, how to do it and following thru on getting it done â€“Â justÂ priceless.
Choosing the right Denver Short Sale Agent can mean the shortest route Â to recovery.
Trust. It does make a huge difference.