Denver, CO â€“ There are numerous stories of how the Seller of a short
sale got stuck with a promissory note on the deficiency or a part
Having the right Short Sale Broker can help determine when it becomes
necessary and when it should NOT be allowed, to reach a successful short
pay-off approval without deficiency recourse. This does NOT happen all the time
, but an experienced Realtor will know the ins and outs of it!
Here is a good example of this happening. A real estate agent had a
short sale with one of the largest lenders in America. The short sale
negotiator said that they would not approve the short sale unless the
seller came to closing with 50k cash. The sellers said no way.
Fortunately, the agent knew that Fannie Mae owned their loan. The good
news for the seller is that Fannie Mae does not ask for promissory notes
or pursue deficiencies. (There are a couple exceptions, but they didn't
apply here.) If those are Fannie Mae's Guidelines, then why would the
short sale negotiator require the seller to bring 50k to closing?Turns out the negotiator was not following Fannie Mae's Short Sale Guidelines.
The agent contacted Fannie Mae directly. Within 72 hours a supervisor
called from the short sale department. This time they were singing a
The sale was approved and the promissory note waived. The seller got to
walk away owing zero. Why do things like these happen? Because, in our
opinion, there is little oversight over the short sale process. Nothing
happens when a short sale gets rejected and sells for less as a bank
owned property. No, don't kid yourself, this happens a lot.
These short sale negotiators develop an adversarial mindset. They
probably even get paid bonuses based on how much money they squeeze out
of short sale sellers. This causes their ego to get in the way of what
is best for the owner of the loan. If you are thinking about short
selling your home, make sure your agent knows how to research who the
owner of your loan is. That info will allow them to negotiate from a
position of power. And it will help you avoid a deficiency or promissory
note.Thinking about a loan modification?
Our Westminster loan
modification guide will show you how to reduce your mortgage payment,
keep your home, and get back on your feet. Request your FREE copy, by sending me an email to firstname.lastname@example.orgThanks for reading this, Dan Hopper.
View My homes for sale at www.danhopper.com
Dan Hopper specializes in loan modification assistance and short sales
in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales.
Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO
Short Sales, and Westminster Realtor.For related blog / video blogs, click on the links, below!!www.youtube.com/user/denverloanmodhelpwww.youtube.com/user/yourhomesellshereFOLLOW DAN HERE:
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.Important Notice
Dan Hopper, Remax Alliance, and the Stop Foreclosure Institute are not
affiliated in any way, shape, or form with the government. Our services
have not been reviewed or endorse by the government or your lender. Most
lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our
offer to help you on a short sale, your lender may not agree to a short
sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything
else in life. It takes work and persistence to convince your lender to
modify your loan. No matter what you or we do, your lender may not
approve a loan modification.
We do not recommend that you stop paying your mortgage, because this
will cause damage to your credit and could cause you to lose your home.
Because we know avoiding foreclosure is so important to any homeowner,
we recommend that you speak with the appropriate legal or tax advisor
before making any decision.
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.
You have the option to reject a short sale or loan modification from
your lender if it does not meet your approval. If you decide not to go
thru with the short sale, then you do not have to pay us our fee. We
normally make a real estate sales commission for helping you on a short
The views expressed here are Dan Hopper's personal views and do not reflect the views of RE/MAX Alliance.
This information on Stop Forelcosure: Not All Short Sales Should Have
Promissory Notes to Succeed!, is provided as a courtesy to our viewers
to help them make informed decisions.