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It Isn't Likely Your Lender Will Collect Any More Money from You after a Hollister Short Sale

Hollister CA – Many homeowners considering a short sale are concerned about a deficiency. "Will I be forced to repay my bank for the $150,000 the lender lost?" they ask me.

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

The good news is that most homeowners are able to walk away from their homes without paying their lenders another dime. A big part of this is because their lenders agree to that as part of the terms of the short sale.

In addition, many states (including California) require lenders to erase any deficiency when homeowners short sell their homes.

But these are for cases when the homeowner is short selling his house and the lender has included language in the short sale paperwork specifically releasing the borrower from a deficiency.

What about situations where this isn't happening? As an example, many states allow lenders to collect a deficiency after a foreclosure.

With a judicial foreclosure, the lender already has a judgment it can use to garnish wages and levy bank accounts. So does that happen? We haven't seen any cases of it happening.

We think the reason is because most homeowners simply declare bankruptcy when faced with a sudden $100,000 bill. The lenders see this happen a few times and decide it isn't worth the effort.

Taking a look through court cases at the local courthouse hasn't turned up any lenders collecting on a deficiency. Remember, there are thousands more foreclosures than deficiency judgments.

The lenders probably view collection on a deficiency as difficult and unlikely to bring much return on the investment. That is why we think they don't even bother with it.

What do you think? Please post your experiences in the comments section below.

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 "It Isn't Likely Your Lender Will Collect Any More Money from You after a Hollister Short Sale" is provided as a courtesy to our readers to help them make informed decisions.


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