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Are You Feeling as if Your Lender Knows Something You Do not Know About a Short Sale?



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By : marco benavides    99 or more times read
You should not be discouraged if you came away feeling this way after going to your lender and inquiring about trying to avoid foreclosure through a short sale. Times have been very trying for some people. There are many who have had to face a sudden death in the family, lower income or even unemployment. All of these factors can put you in a financial bind and you have to look for ways to survive. Perhaps you never intended to fall so far behind in your mortgage payments that you are now facing foreclosure, but everything is not lost.

In fact, something that your lender will not tell you is that it would prefer to sell your property at a loss than to have to go through the hassle and expense of a foreclosure. The foreclosure will mean that the bank takes possession of your home and we all know that banks are not in the real estate business. Foreclosure is actually much more expensive for a bank than the loss it would take in a short sale. Also, what a lender will not tell you is that it would rather have some of the money that is tied up in your property than your property. Your home in the bank's portfolio means that the money is tied up in the property until such a time as the bank can get rid of it.

Another thing that your lender will definitely not tell you is that you do not have to go and ask for permission to start a short sale. All you have to do is contact the short sale department and request a package, but make sure that it is faxed to you and not sent by regular mail. You have time against you when you are trying to do a short sale and a day or two saved by not waiting for the mail can make all the difference in the world.

On the other hand, a short sale is not as simple as filling out a short sale package and sending it in. That's something else that a note holder will not tell you. The note holder also will not tell you that it has formulas and procedures and that you will have to fight your way through them. Some note holders prefer to have another company specializing in short sales handling the procedure. If they do, they will tell the company what the bottom line price that it will accept is or how much it is willing to lose on the deal.

In spite of what many people think, foreclosing on a property is a time-consuming procedure and it can get burdensome and expensive. Therefore, most lenders will look to cut their losses and go through a short sale. By the way, even if your lender accepts a short sale agreement, it can always back out and it happens more often than not. You must be aware of time and how long it is taking to do the short sale. Even if there is a short sale agreement, foreclosure proceedings will continue. Do not make the mistake of thinking that a short sale agreement will give you a lot more time. It is simply an option to try to avoid foreclosure, but it will not avoid it if you drag your feet and do not work to get things done.
Take a look at great short sale real estate by going toSan Diego Short Sale Realty, Short Sale Houses in Escondido and Short Sale Real Estate in Oceanside.

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