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A Rant About Lender Incompetence On Northeast OH Short Sales

Northeast OH – I am so sick of the incompetence and arrogance of people in the banking industry! It seems like the incompetence never ends.

We had a short sale closing last week. The underwriter for the buyer’s lender didn’t like the way the short sale approval letter was worded. They wouldn’t approve the . . . → Read More: A Rant About Lender Incompetence On Northeast OH Short Sales

Don’t Accept A Promissory Note When You Short Sale Your USA Home

Northeast OH – Many lenders ask for a promissory note on short sales. This is especially true if the lender has Private Mortgage Insurance (also called PMI) that has to approve the short sale.

The PMI companies know that homeowners will do anything to protect their credit when they are short selling their home.

. . . → Read More: Don’t Accept A Promissory Note When You Short Sale Your Northeast OH Home

A Common Northeast OH Short Sales: The Most Common Types Of Loan That Do Not Require A Deficiency

Northeast OH – OK, let’s talk about the most common types of loans that do not require a deficiency on a short sale. The first common loan type is a Fannie Mae or Freddie Mac loan.

I’ll call them Fannie & Freddie in this post. Freddie & Fannie are different quasi-governmental entities that own . . . → Read More: A Common Northeast OH Short Sales: The Most Common Types Of Loan That Do Not Require A Deficiency

Northeast OH Short Sales: What To Do When A Short Sale Negotiator Gets An Attitude

Northeast OH – Most short sale negotiators are professional. They understand the seriousness of their jobs. They work hard to educate themselves on the industry and market trends.

They are friendly and fun to work with. This is one of the things I like about selling short sales for a living. The downside is . . . → Read More: Northeast OH Short Sales: What To Do When A Short Sale Negotiator Gets An Attitude

Northeast OH Short Sale Question: Will I Wipe Out The Debt When I Short Sale?

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

“I am upside down on my house. I owe over 700k and I have been told that it is now worth under 400k. I just hate to think how much it will cost me over the long . . . → Read More: Northeast OH Short Sale Question: Will I Wipe Out The Debt When I Short Sale?

How A Northeast OH Short Sale Could Help You Avoid Owing Money In The Future

Northeast OH – A good short sale agent can help you avoid owing thousands of dollars in the future. Why?

Well, the most banks lose money when they reject a short sale. They turn down a sales price of $200,000. They foreclose on the home and put it up for sale.

However, they are . . . → Read More: How A Northeast OH Short Sale Could Help You Avoid Owing Money In The Future

Northeast OH Short Sales: Drawbacks To Bank Of America's New Short Sale Program

Northeast OH – Despite the fact that the Cooperative short sale may help the borrower leave the home without some of the negative aspects of a foreclosure, it has its drawbacks that you may need to consider before you decide to explore this option. Below are some of the drawbacks:

Click here to discover . . . → Read More: Northeast OH Short Sales: Drawbacks To Bank Of America’s New Short Sale Program

Will your Northeast OH Short Sale Realtor follow up properly to ensure success?

Northeast OH – We got a short sale approved yesterday. This file was a fiasco from day one. Despite the incompetence we suffered, we got the file approved thru persistent follow up. The first lender handling the file was incredibly incompetent. Their short fax number didn’t work. We mailed the short sale package to them . . . → Read More: Will your Northeast OH Short Sale Realtor follow up properly to ensure success?

Northeast OH Short Sales: Why Won’t My Lender Allow Me To Walk Away With No Deficiency?

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

“We are in the middle of a very long negotiation with a large national lender.

I had my agent put a clause into the contract stating “upon approval of short sale by sellers’ lender, lenders, & or . . . → Read More: Northeast OH Short Sales: Why Won’t My Lender Allow Me To Walk Away With No Deficiency?

Why Do Northeast OH Short Sales Negotiators Break The Rules?

Northeast OH – An agent with the Stop Foreclosure Institute recently had a short sale negotiator lie to them. We have spent the last 6 months figuring out all the rules for short sales on different loan types.

The rules are different for an FHA Short Sale, a VA Short Sale, and a Fannie . . . → Read More: Why Do Northeast OH Short Sales Negotiators Break The Rules?