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Northeast OH Short Sales: Why Is This Lender Lying To This Homeowner?

Northeast OH – The Stop Foreclosure Institute recently received a question from David. Here was his question.

“My lender ******** Bank verbally told me that my short sale was approved. However, now they are now telling me that Fannie Mae did not approve the sale.

They gave me an option to pay $3,000 upfront and to agree to pay off deficiency. I just cannot afford this option. The pay off amount on the mortgage is $122,000.

The buyer is offering $99,000. The bank’s appraiser said the house is worth $92,000. The Buyer has been waiting to buy the house for 11 months.

What the bank is telling my just doesn’t make sense. Any suggestions would be greatly appreciated. David.”

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

Here was our answer: David, I think your lender is lying to you. We have done a lot of short sales on Fannie Mae Loans. Here is something you may not know.

Your lender does not own your loan. They do not make the ultimate decision on what happens. Fannie Mae owns your loan.

That means that Fannie Mae makes the ultimate decision on whether or not to approve your short sale. Here is why this matters. Fannie Mae does not normally ask for deficiencies or cash from a short sale seller.

They do when the seller is strategically defaulting on their mortgage. But, most people short sale their house because they are having financial problems. If your lender persists, then you might want to contact Fannie Mae directly.

Or contact your Congressperson or Senator. Let them know that you think your lender is lying to you. Fannie Mae will find out what is happening and hopefully let you walk away with no deficiency or any cash out of pocket. 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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