Looking at a Short Sale from a Lenders Perspective
The Texas Group Realtors received a few responses from a blog post. Most of the questions went something like this.
"I think a lender would be stupid to approve an investment property short sale for a wealthy person. If I was the lender I would sue them for the loss.”
The bottom line is that people didn’t think a lender would allow a wealthy person to walk away from the debt on an investment property.
Email beth@txhomerealty.com to discover how other sellers successfully did a short sale and avoided foreclosure.
There are a few reasons that a lenders will allow a wealthy investor to walk away from an upside down investment property.
Lenders know that if they can give a customer what they want, then it will help them. If they don’t give a customer what they want, then everything turns into a fight.
Some homeowners will hire a lawyer to review every clause in the mortgage. They will check to make sure that each clause of the mortgage meets every single conceivable state and federal law. While other homeowners will declare bankruptcy to avoid paying the debt, which is the biggest impediment keeping lenders from collecting on a debt.
Debt is very hard to collect even in court. In fact, only around 8-10% of all judgments are ever collected. That means a lot of people and lenders spend thousands of dollars in court getting a judgment, only to never collect the money.
I hope this helps you see why a lender would find it simpler to approve a short sale rather than pursuing a debtor in the hopes of collecting on the deficiency.
Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at beth@txhomerealty.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 (469) 523-1402.
Discover how other sellers successfully completed a short sale in Cedar Hill, Arlington, Grand Prairie, Duncanville and request a free consultation by emailing beth@txhomerealty.com.
Thinking about a loan modification? Our Dallas loan modification kit has the instructions you will need to get a loan modification approved with your bank. Email phillis@txhomerealty.com.
Thanks for reading this, Phillis Nealy.
Phillis is a Real Estate Agent at The Texas Group.
Phone: (214) 650-5536.
A Realty company with Service as Big as Texas
View My homes for sale at www.southwestdallashomes.com
The Texas Group Realtors received a few responses from a blog post. Most of the questions went something like this.
"I think a lender would be stupid to approve an investment property short sale for a wealthy person. If I was the lender I would sue them for the loss.”
The bottom line is that people didn’t think a lender would allow a wealthy person to walk away from the debt on an investment property.
Email beth@txhomerealty.com to discover how other sellers successfully did a short sale and avoided foreclosure.
There are a few reasons that a lenders will allow a wealthy investor to walk away from an upside down investment property.
Lenders know that if they can give a customer what they want, then it will help them. If they don’t give a customer what they want, then everything turns into a fight.
Some homeowners will hire a lawyer to review every clause in the mortgage. They will check to make sure that each clause of the mortgage meets every single conceivable state and federal law. While other homeowners will declare bankruptcy to avoid paying the debt, which is the biggest impediment keeping lenders from collecting on a debt.
Debt is very hard to collect even in court. In fact, only around 8-10% of all judgments are ever collected. That means a lot of people and lenders spend thousands of dollars in court getting a judgment, only to never collect the money.
I hope this helps you see why a lender would find it simpler to approve a short sale rather than pursuing a debtor in the hopes of collecting on the deficiency.
Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at beth@txhomerealty.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 (469) 523-1402.
Discover how other sellers successfully completed a short sale in Cedar Hill, Arlington, Grand Prairie, Duncanville and request a free consultation by emailing beth@txhomerealty.com.
Thinking about a loan modification? Our Dallas loan modification kit has the instructions you will need to get a loan modification approved with your bank. Email phillis@txhomerealty.com.
Thanks for reading this, Phillis Nealy.
Phillis is a Real Estate Agent at The Texas Group.
Phone: (214) 650-5536.
A Realty company with Service as Big as Texas
View My homes for sale at www.southwestdallashomes.com
Important Notice
Phillis Nealy and The Texas Group Realtors are not affiliated in any way, shape, or form with the government.
Phillis Nealy and The Texas Group Realtors are not affiliated in any way, shape, or form with the government.
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.
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