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It Isn't Likely Your Lender Will Collect Any More Money From You After A Northeast OH Short Sale

Northeast OH – Many homeowners considering a short sale are concerned about a deficiency. “Will I be forced to repay my bank for the $150,000 they lost”, they ask me.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The good news is that most homeowners are able to walk away from their home without paying their lender another dime. A big part of this is because their lender agrees to that as part of the terms of the short sale.

In addition, many states, such as California, require lenders to erase any deficiency when a homeowner short sells their home.

But, these are for cases when the homeowner is short selling their house and the lender has included language in the short sale paperwork specifically releasing the borrower from a deficiency.

What about situations where this isn’t happening. As an example, many states allows lenders to collect a deficiency after a foreclosure. even when a lender.

With a judicial foreclosure the lender already has a judgment they can use to garnish wages and levy bank accounts. So does that happen? We haven’t seen any cases of it happening.

We think the reason is because most homeowners simply declare bankruptcy when they are faced with sudden $100,000 bill. The lenders see this happen a few times and decide it isn’t worth the effort.

Taking a look thru court cases at the local courthouse hasn’t turned up any lenders collecting on a deficiency. Remember, there are thousands more foreclosures than deficiency judgments.

The lenders probably view collection on a deficiency as difficult and unlikely to bring much return on the investment. That is why we think they don’t even both with it.

What do you think? Please post your experiences in the comments section below. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at iandymorris@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 (440) 348-5500

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northeast OH 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, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: (440) 348-5500. iandymorris@gmail.com.

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

Andy Morris specializes in loan modification assistance and short sales in Northeast OH. Northeast OH Modification Help, Northeast OH Short Sales, Northeast OH Short Sale Realtor, Northeast OH Short Sales. Northeast OH Realtor, Northeast OH Stop Foreclosure, Northeast OH Foreclosure Prevention, Prevent Foreclosure Northeast OH, Northeast OH Foreclosure Defense, Northeast OH behind in Payments.

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