Tuesday, October 18, 2011 / by Lynn Horner Baker
Cobb County & Marietta – We received some interesting and shocking news from another agent. They told us that lenders are approving a short sale and stating that they will allow the seller to walk away owing nothing.
However, after the short sale is complete, then they are resuming collection tactics to repay them on the loan. These lenders are actually stating in their short sale approval letters that the seller will be released from liability.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is the e-mail I received from this agent. “I having been working the short sales diligently the past two years and continue learning a lot, even though this is a tough market.
I recently completed a transaction where the lender agreed in writing to not pursue a deficiency judgment. After the transaction closed, the owner received a notice that the lender was still going to go after him for the deficiency.
There is so much fear that drives people into foreclosure and bankruptcy, that I don't have any information about "after the fact". Jan."
As you can see, the lenders aren't playing fair. This is the second story I have heard about this. I don't remember the details on the other one, but I think it involved one of the biggest lenders, who also happens to have a horrible reputation on short sales.
They did a short sale, and from what that agent told me, the short sale approval released the seller completely. The lender chased the seller down for 60k after closing.
Obviously I haven't seen the approval letters on these stories. So, I don't know for sure if the short sale approval letters actually did let the seller off completely.
This doesn't surprise me at all. It looks like the typical way of doing business for the banks. Kick the little guy while the people at the top get rich. Or, if you have connections, you get bailed out.
Where is the bailout money coming from? Oh, I almost forgot again. The little guy. 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 Lynn@HornerBakerPartners.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 770 579-4060
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Cobb County & Marietta 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, Lynn Horner Baker.
Lynn is a Real Estate Agent and owner of Horner Baker Partners. Cobb County & Marietta Short Sales Realtor:
Phone: 770 579-4060. Lynn@HornerBakerPartners.com.
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