Eastlake CA – The Stop Foreclosure Institute recently received a question from another agent. Apparently they were being mislead on a short sale by a large national lender.
Here is the question we received: “Do you have a number to contact Fannie Mae? The bank (Large National Bank) will not allow the seller to not do a short sale and agree to repay the loss on a promissory note.
She said that she has to talk to the investor which is Fannie Mae. My sellers just wants to sell and move on with their life. Janet.”
Get my Free, Step By Step Loan Modification Guide by clicking here.
Here is the question we received: “Do you have a number to contact Fannie Mae? The bank (Large National Bank) will not allow the seller to not do a short sale and agree to repay the loss on a promissory note.
She said that she has to talk to the investor which is Fannie Mae. My sellers just wants to sell and move on with their life. Janet.”
Get my Free, Step By Step Loan Modification Guide by clicking here.
Here was our response. I understand the logic of what your seller is trying to do. They think that they can just sell the home for less thant it’s worth, sign a promissory note for the difference, and move on with their lives.
The sad reality is that life’s not that simple, especially when you are dealing with bankers. Before they make any changes on anything, they want to make sure that everything is ok.
In order to make sure everything is ok, they will have to process the sale as a short sale. That is why they demand before they will transfer the upside down debt to a promissory note.
They always like to keep things at the status quo. Any big changes need to be very carefully evaluated. It’s just the way bankers work.
So, if your seller wants to sell and repay the debt on a promissory note, then they will have to go thru the formal short sale process. It’s the only option that I see.
Thinking about a loan modification?Our Eastlake loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at henry@houseinsandiego.com 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 henry@houseinsandiego.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 619-517-6791
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thanks for reading this, Henry Pailles.
Henry is a Real Estate Broker at houseinsandiego Realty. Eastlake Short Sales Realtor:
Phone: 619-517-6791. henry@houseinsandiego.com.
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Henry Pailles specializes in loan modification assistance and short sales in Eastlake California. Eastlake Loan Modification Help, Eastlake Short Sales. Eastlake Short Sale Realtor. Chula Vista CA Loan Modification Help, Chula Vista CA Short Sales. Chula Vista CA Short Sale Realtor. Eastlake CA Short Sales. Eastlake Realtor.
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Important Notice
Henry Pailles, houseinsandiego Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Pailles's personal views and do not reflect the views of houseinsandiego Realty.
This information on Eastlake Short Sales: Bank won’t allow my seller to avoid short sale process is provided as a courtesy to our viewers to help them make informed decisions.
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