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Hollister Short Sales: Why Won't My Lender Allow Me to Walk Away with No Deficiency?

Hollister CA – The Stop Foreclosure Institute recently received a question from James. Here is 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, and/or affiliates, the client or heirs will be released from any monetary shortages or deficiencies from said sale of stated property upon successful closing and transfer of title from that date and forevermore.' The short sale negotiator, Nathan, has advised my agent that he will reject the file and close it out if we don't remove this from the contract.

"What do you think? After reading your comments, I am not sure of what will happen. How should I pursue this?~James."

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

Here is our answer to his question. I think the negotiator is getting his ego involved. Many loan owners waive promissory notes. He is out of line (and breaching his lender's fiduciary duty to the loan owner) if the following applies:

  1. If it is the investor's policy not to pursue a deficiency.
  2. If accepting this short sale will net the investor more money than a foreclosure.

Do these two things apply? You and I don't have millions of dollars to pursue a lawsuit, but we can contact the loan owner directly to let the owner know what's happening. If the owner is going to lose money by not accepting the short sale, it needs to know about what this lender is doing.

Now, the negotiator has the authority to demand a promissory note depending upon who the owner of the loan is. Find out who owns the loan.

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 israel@ighomes.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 (831) 636-8858.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification?Our Hollister loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail to israel@ighomes.com to request a Free Copy.

Or, click here to request a copy.

Thanks for reading this.~Israel Gonzalez.

Israel is a Real Estate Agent at Beale Properties.

Phone: (831) 636-8858. israel@ighomes.com.

View My homes for sale at www.bestREOhomes.com.

Israel Gonzalez specializes in loan modification assistance and short sales in Hollister California. Hollister Loan Modification Help, Hollister Short Sales. Hollister Short Sale Realtor Hollister CA Short Sales. Hollister Realtor.

Important Notice

Israel Gonzalez, Beale Properties, 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 Gonzalez's personal views and do not reflect the views of Beale Properties.

This information on "Hollister Short Sales: Why Won't My Lender Allow Me to Walk Away with No Deficiency?" is provided as a courtesy to our readers to help them make informed decisions.


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