Orange County Short Sales â€“ Here is a technique you can use to â€œstrong armâ€ Â your lender on your short sale.Â 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 your lender dragged their feet?
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 wasnâ€™t successful was because they dragged their feet.Here is the technique you can use to strong arm your lender to accept the short sale.
Use your rights as a homeowner to get more information about the Broker Price Opinion (BPO). The BPO will be a short version of an appraisal. Â 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 beneficiary.Â 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 been ordered, it will most likely be 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.Â Fax the lenderâ€™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 Â under the Equal Credit Opportunity Act. In addition, also mail the lenderâ€™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 atÂ www.ots.treas.gov;, the FDIC at www.FDIC.gov, and the Comptroller of the Currency atÂ 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?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail atÂ email@example.comÂ . I will contact you for a free consultation.
Thanks for reading this, Ryan Smith.