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Worried About Owing Money After A USA Short Sale?

Northeast OH – We recently received an email from Joy. She was thinking about a short sale, but was worried about a deficiency.

Here is a sentence from her email: “We obviously want to get the price as close to fair market value as possible to eliminate or reduce any deficiency the bank may assess, but also want the house to move as quickly as possible.”

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

Here is the good news for Joy. In about 80-90% of all cases the homeowner is allowed to walk away without a deficiency. Yes, banks are releasing homeowners from hundreds of thousands of dollars in upside debt.

We’ve seen homeowners walk away from $300,000, $500,000, and more in upside down debt. It’s like a “Get Out Of Jail Free” Card.

So, how do you find out if you will not owe a deficiency after a short sale? Here is the first step. Find out who owns your loan. Even if you send your monthly payment to ABC Bank it is likely that your loan is owned or insured by one of the one of the following entities.

Fannie Mae or Freddie Mac. There is about a 60% chance that your loan is owned by one of these two entities. If they own your loan, then mortgage forgiveness will be granted according to their policies.

FHA Insured. FHA does not own your loan. But, they insure the owner against loss which means that they will be writing the check for the loss. As a result, they dictate whether or not the debt is forgiven.

VA Insured. The Veteran’s Administration does not own your loan. But, they insure the owner against much of the loss. As a result, they dictate whether or not the debt is forgiven.

USDA Insured. USDA does not own your loan, but insures the owner against much of the loss. As a result, they dictate whether or not the debt is forgiven.

Sliced and Diced Loan. This is a mortgage that has been securitized. It is called “Sliced and Diced” because of the way the ownership of each loan is sliced up and sold off to thousands of different people.

The actual owners of the loan are the people that bought the securitized loan product.

Once you have found out who owns your loan, then you move to the next step. That is to find out the short sale deficiency guidelines of the individual owner or insurer of your mortgage. 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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