Hamilton Mill Dacula Ga Short Sale Update... Should We Be Moving From our Home During a Short Sale
One of the questions We are often asked when consulting with a Georgia home owner about short sales is whether or not they should move out of the home.
Sometimes life circumstances dictate that it would be more convenient to live somewhere else. The answer to this questions is an easy one. Leaving a home during a short sale is not a good idea!
If at all possible it is far more wise to remain in your home when trying to complete a short sale.
There are some lenders that consider a home owner moving out of their residence as â€œabandonmentâ€. When abandonment comes into play you can often times see the lender trying to fast track the foreclosure proceedings. This of course is not something you really want to monkey around with.
It is not uncommon to see a lender send out an independent firm that will visit the home and see if the owner is still present. If the short sale inspector reports that the home is vacant, there are times when these companies are ordered by the bank to change the locks and secure the property.
There are numerous times over the last three years that I have been called by these types of short sale inspection companies. The party line is always the same. They get a phone call from the lender asking them to stake out the property and find out what the current status is. Of course when they get to the home they end up seeing my Real Estate sign and then give me a phone call.
When this happens I explain that we are doing a short sale and it is not necessary for the locks to be changed. In my experience these short sale inspection companies are usually pretty good and understand the short sale process. When I tell them it is not necessary for the locks to be changed they usually comply. This is not to say that they wonâ€™t end up changing the locks at some point down the road.
There was one time despite the fact that I told the company not to change the locks that they did so anyways on orders from the bank. This of course is illegal. The bank has no legal right to change the locks on a property they do not own especially if it has not been abandoned.
When a property is abandoned the bank position is that they have the right to protect their asset. There are any number of things that can go wrong in a home when it is vacant. One of the most common is pipes freezing. When this happens you can easily have a situation where significant damage can occur. Water damage is further enhanced by the likely hood of getting mold. These kind of issues are what the lenders are trying to avoid when they secure a property.
The bottom line is if you are able to stay in your home during a short sale then this is what you should do! When I 1st started working with Atlanta short sales a few years ago, it was very typical to request that the bank postpone a bank foreclosure sale in order to entertain or continue to process a short sale transaction.
Recently it has become increasingly more difficult to get the mortgage lender to agree to postpone the foreclosure sale especially if it is a Fannie Mae loan. Moving out during a short sale could further increase the chances of the lender being difficult to work with.
We specialize in Metro Atlanta Georgia Short Sales, Free Loan Modification Information and the greater Metro Atlanta area.
Hamilton Mill Dacula Ga Short Sale Loan Modification Update : Press Release
We can help you find Your way through the Short Sale process with dignity and support, as We have with many people so far.... We Work with an Attorney and Para Legals to get the Short Sale Done.
Loan modification and short sale services to avoid foreclosure, lower mortgage payments, reduce principle balances, re-structure mortgages, avoid bankruptcy.
Call Today and Get Your FREE $29.95 EBook or Audio File $$$ on Short Sale and Loan Modification
Contact Us Today!
The Consultation is Free:
Roland Lorans TEAM an Award Winning Nationally recognized leader in his field
Better Homes and Garden Real Estate Metrobrokers
2725 Hamilton Mill Road, Suite 2400 Buford, GA 30519
Office: (404) 843.2500
Direct: (678) 406.8451
Fax: (678) 765.5050
Gwinnet County Foreclosures
Gwinnett County Foreclosed homes
Suwanee Georgia Foreclosures
Suwanee GA Foreclosed Homes Foreclosures
Suwanee Foreclosured Homes
Suwanee GA Bank Owned Homes
Serving Gwinnett County Real Esate, Dacula, Duluth, Buford, Lawrenceville, Suwanee, Chateau Elan and more. Gwinnett and North Fulton areas covered as well as South Hall, Jackson and Barrow Counties