Bank won’t allow my seller to avoid short sale process
The Texas Group Realtors recently received a question from another agent. Apparently they were being mislead on a short sale by a large national lender.
Here is the question we received: “Do you have a number to contact Fannie Mae? The bank (Large National Bank) will not allow the seller to not do a short sale and agree to repay the loss on a promissory note.
She said that she has to talk to the investor which is Fannie Mae. My sellers just wants to sell and move on with their life.”
Email phillis@txhomerealty.com to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was our response. I understand the logic of what your seller is trying to do. They think that they can just sell the home for less than it’s worth, sign a promissory note for the difference, and move on with their lives.
The sad reality is that life’s not that simple, especially when you are dealing with bankers. Before they make any changes on anything, they want to make sure that everything is ok.
In order to make sure everything is ok, they will have to process the sale as a short sale. That is why they demand before they will transfer the upside down debt to a promissory note.
They always like to keep things at the status quo. Any big changes need to be very carefully evaluated. It’s just the way bankers work.
So, if your seller wants to sell and repay the debt on a promissory note, then they will have to go thru the formal short sale process. It’s the only option that I see.
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 Arlington, Grand Prairie, Duncanville, Cedar Hill and request a free consultation by phillis@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 beth@txhomerealty.com to request a copy.
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.
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.
The Texas Group Realtors recently received a question from another agent. Apparently they were being mislead on a short sale by a large national lender.
Here is the question we received: “Do you have a number to contact Fannie Mae? The bank (Large National Bank) will not allow the seller to not do a short sale and agree to repay the loss on a promissory note.
She said that she has to talk to the investor which is Fannie Mae. My sellers just wants to sell and move on with their life.”
Email phillis@txhomerealty.com to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was our response. I understand the logic of what your seller is trying to do. They think that they can just sell the home for less than it’s worth, sign a promissory note for the difference, and move on with their lives.
The sad reality is that life’s not that simple, especially when you are dealing with bankers. Before they make any changes on anything, they want to make sure that everything is ok.
In order to make sure everything is ok, they will have to process the sale as a short sale. That is why they demand before they will transfer the upside down debt to a promissory note.
They always like to keep things at the status quo. Any big changes need to be very carefully evaluated. It’s just the way bankers work.
So, if your seller wants to sell and repay the debt on a promissory note, then they will have to go thru the formal short sale process. It’s the only option that I see.
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 Arlington, Grand Prairie, Duncanville, Cedar Hill and request a free consultation by phillis@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 beth@txhomerealty.com to request a copy.
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.
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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