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Full Deficiency Release After a Short Sale?
Friday, May 20th, 2011 at 1:09pm. 3242 Views, 2 Comments.
I get asked a lot of questions from homeowners, but one that I am hearing more and more is, “What happens if I short sale, but the lender doesn’t issue a full release of deficiency?” I am hoping that I can shed some light on this question, and then expound on the answer a little. It’s a bit of a gray area so hopefully this will help you be informed about these possibilities.
Basically, we always seek a full deficiency release when we negotiate short sales and there are government programs that help protect the seller from judgments. Every short sale is different based on the amount of money the bank has lost and the homeowner’s financial situation. There is no way to guarantee that you will get a full release, but 90% of the short sales we have closed…
Why Don't ALL Short Sales Close?
Tuesday, May 10th, 2011 at 3:03pm. 377 Views, 0 Comments.
It's a safe bet to blame the lender when a short sale falls through or doesn't close during an expected timeframe. The lenders are often slow, troublesome to work with and require the same documents sent multiple times, along with persistent follow-up (this is why having a team of 5 people dedicated to your short sale is a worthwhile idea, btw). But there are times when a short sale doesn't close and it had nothing to do with the lender at all. To expand your familiarity with short sale closings (and short sales in general) I wanted to blog this week about things that hinder short sales OTHER than the lender, and what we do as a team to prevent them.
1. Sellers. Sellers can sometimes be a reason that the sale doesn't go through, believe it or not! …Why Short Sale?
Wednesday, March 30th, 2011 at 2:03pm. 390 Views, 0 Comments.
If you have negative equity, a short sale is the ONLY way to sell your home without bringing thousands of dollars to the closing table to make up the different between what the home sells for and what the lender is owed. If done correctly, a short sale can provide financial relief and stability to you and your family with minimal damage to your credit. With virtually no drawbacks, the real question is why NOT short sale?
I've been working with short sales since before the market turned in 2007, giving my experience an edge. Over the years, I've heard a lot of things about short sales, but most of them are simply not true. Let me help you separate the facts from the fiction:
· My lender won’t allow a short sale because they would rather…
Welcome!
Friday, April 30th, 2010 at 11:45am. 449 Views, 0 Comments.
Welcome to the Kara Homes & Associates blog!
We will be using the blog to relay timely market statistics and share helpful consumer real estate tips. We hope you'll check back in with us periodically.
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Read Full Post...Full Deficiency Release After a Short Sale?
I get asked a lot of questions from homeowners, but one that I am hearing more and more is, “What happens if I short sale, but the lender doesn’t issue a full release of deficiency?” I am hoping that I can shed some light on t…
Read Full Post...
