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Northeast OH Short Sale Myth: The bank wants a deficiency on the short sale so I can get out of it by letting them foreclose

Northeast OH – Most people short selling their home do not want to repay the deficiency. And in most cases, the lender allows them to walk away with no deficiency.

But, that is not always the case. Some banks are very pushy when it comes to the deficiency. They won’t approve the short sale unless the borrower accepts a deficiency.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Some home sellers have told the Stop Foreclosure Institute that if the lender won’t approve the short sale without a deficiency, then they will simply allow them to foreclose on the property.

This seems like a good strategy on the surface. But, it could end up costing a homeowner even more money in the long run.

That is because the homeowner loses control over the condition of the home when it is on the market. They aren’t able to maintain the home and keep it up.

Most homes that have been foreclosed on are abandoned by the lenders. Sure, they “winterize” the homes. But, they don’t do anything to keep the homes in tip top showing condition.

This causes most bank owned homes to sell for less money. Here is something else that will cause you home to sell for less money. The buyers aren’t willing to pay as much.

Buyers know when a home for sale is bank owned. What do you think pops into them mind when they see that? “I can buy it for a steal”, they think to themselves.

This causes bank owned homes to sell for less. And if it sells for less money, then the bank will come looking for a larger deficiency payment.

This is why a short sale is usually better for you versus letting the bank foreclose and then sell the house.

Thinking about a loan modification?Our Northeast OH loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at 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.

Thanks for reading this, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services. Northeast OH Short Sales Realtor:

Phone: (440) 348-5500 .

View My homes for sale at

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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