Lender Pain
No Pain, No Gain!
“Quick and painless short sales” are definitely the exception, not the rule! What follows is a list of things that can prevent short sales from going through. The Short Sale Doctors understand lender pain, however, and can overcome every one of these obstacles!
1st Lenders: Given our experience we know how lenders operate and since we have full-time negotiators on our team, we can focus 
on finding a way around each challenge.
2nd Mortgages: How much will they settle for? What if the 1st lender won’t pay the 2nd enough to settle? 2nd’s know they will likely get nothing in a foreclosure auction so we have lots of leverage with them and we know how to use it.
PMI (Mortgage Insurance): They may have requirements that disrupt the process. Can these be avoided? Likely they can.
WE’RE NOT TAKING THIS EXIT!
Third Party Liens: How will construction liens, child support, judgements be released or satisfied? Some of these are easy, others virtually impossible.
IRS liens: Can they be released so the short sale can be completed? Definitely possible.
City and County Liens: Can these be negotiated down and settled? In some cases yes, in others, no.
Unfinished Construction: What if the property isn’t livable yet or has incomplete remodeling? We can deal with this.
Open Permit/Fines: How can these be cleared? Definitely yes.
Incorrect Lender Valuation: What if the BPO or appraisal comes in higher than what the property can actually sell for? This a tough one… but we’ll seek to deal with it!
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We have our favorites but here’s a partial list of the lenders we’ve worked with:
• American Home Mortgage • AmTrust • ASC • Aurora • Bank of American • Chase • CITI • CMS • Countrywide • EMC • FirstFranklin • First Horizon • Flagstar • GMAC • Greenpoint • Homecoming • HSBC • IndyMac • J.P.Morgan • Litton • NationalCity • Ocwen • Option One • PHH • Saxon • SelectPortfolioServcing • US Bank • Wachovia • WAMU • Wells Fargo • Willshire •
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Because every lender is different we can not guarantee success.
But what we can guarantee is that WE WILL WORK VERY HARD on your client’s behalf.
Our priority is to negotiate a price with the lender(s) so the house can sell very quickly– THEN EVERYBODY WINS!
- No matter how difficult (and some are tear-your-hair-out-frustrating!) we will negoitate with each lender to accept an offer on the property, even if it is for far less than what is owed.
- In most instances, the sellers will walk away completely free of debt and tax liabilities on the property.
- The sellers can continue to live in the home without making any mortgage payments as the process begins. We would, however, normally like them to relocate when we are ready to put the home on the market to better ensure a quick sale.
- We can convince most lenders to hold off the foreclosure while we are negotiating the short sale and get extensions if necessary.
- A short sale will be far less damaging to the seller’s credit score than a foreclosure–as much as 330 points!
- Sellers do not have to be in foreclosure to conduct a short sale. Their hardship may be an eminent hardship rather than a current one.
