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Short Sales >5. What If My Lender Refuses My Short Sale Request?
The most common reason for a lender to refuse a short sale request is loss. That is, the lender will refuse a short sale if their calculations suggest that they will lose less via a foreclosure. If this happens to you:
Step 1: Demand a written letter from the loan servicer explaining exactly why the request has been denied. Step 2: Figure out and write down the projected losses you’ll experience if the home is foreclosed on as opposed to sold as a short sale. Step 3: Notify the company handling the loan that if the house is foreclosed on, you will be suing them for the damages you documented in Step 2.
If you follow this procedure, you should be in the clear either way. Either your home will be sold as a short sale like you previously wanted, or you will have the potential to regain your losses after foreclosure from the lawsuit. Your best strategy for navigating the short sale process is to work with a qualified agent who can assist you. The agent will help you work through the process and/or any contingency plans.
The Townend Team RE/MAX VINTAGE http://www.REMAXVintage.com 10130 Louetta Road, Suite J Houston, TX. 77070 Main office: 281-376-9900 Ext. 111 800-260-9240 Ext. 111 Fax: 281-320-5830 Direct office: 281-205-1888 Email: Kay@KayTownend.com
The Townend team brings a combined wealth of experience. Practicing real estate in Houston since 1980 and Top Producers in listing and selling residential real estate. We list and bring buyers for over one hundred and twenty homes each year in your area. When you hire the Townend Team, you get the benefit of all those years of experience. Call or email us today!
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