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Phil Buoscio's Blog

By Phil Buoscio | Broker in Chicago, IL

Chicago Short Sales: How to strong arm your lender on a short sale

Chicago IL – Here is a technique you can use to “strong arm” you’re your lender on your short sale. The number one reason people short sale is to salvage their credit.

After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.

How would you feel if you worked hard on a short sale only to watch it fall apart because you lender dragged their feet?

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Later on the property sells for even less money than the short sale offer you had. I have said in earlier posts that, in my opinion, you could sue the lender for the damage caused to your credit by the foreclosure.

After all, the only reason the short sale wasn’t successful was because they dragged their feet. Here is the technique you can use to strong arm the lender to accept the short sale.

Use your rights as a homeowner to get more information about the BPO. An inaccurate BPO is the number one reason short sales fail.

Getting your hands on a copy of the BPO will help your agent contest an inaccurate BPO. And it would be a big help in any future lawsuit. Here is the step by step strategy:

1. Request a complete itemized payoff from the foreclosing lawyer. In addition, request a copy from the lender themselves. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.

2. Review the payoff to see where the BPO is itemized. If a BPO has ever been ordered, it will most likely by itemized on there. If not, it may be included in some other payoff cost. Get confirmation of that in writing from the lender.

3. Since the BPO is added onto the amount owed by the homeowner, they have a right to a copy under the Equal Credit Opportunity Act. Fax the lender's legal department a request for a copy of the BPO.

Send a copy of the payoff and circle the spot where you think the BPO payment is. Request a copy for the borrower under the Equal Credit Opportunity Act. In addition, also mail the lender's legal department the same request.

If the lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at www.ots.treas.gov, the FDIC at www.FDIC.gov, and the Comptroller of the Currency at www.helpwithmybank.gov.

Indicate on your correspondence with the lender that if they do not comply, then you will be filing complaints with those agencies. Thinking about a short sale? Visit Chicago Short Sale Super Man at www.ShortSaleSuperMan.com

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. 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.

Thinking about a loan modification? Our Chicago loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty - Buoscio Brokerage, Inc.. Chicago Short Sales Realtor:

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Phil Buoscio, Better Living Realty - Buoscio Brokerage, Inc., 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 sale.

The views expressed here are Buoscio's personal views and do not reflect the views of Better Living Realty - Buoscio Brokerage, Inc..

This information on Chicago Short Sales: How to strong arm your lender on a short sale is provided as a courtesy to our viewers to help them make informed decisions.

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