“My lender ******** Bank verbally told me that my short sale was approved. However, now they are now telling me that Fannie Mae did not approve the sale.
They gave me an option to pay $3,000 upfront and to agree to pay off deficiency. I just cannot afford this option. The pay off amount on the mortgage is $122,000.
The buyer is offering $99,000. The bank’s appraiser said the house is worth $92,000. The Buyer has been waiting to buy the house for 11 months.
What the bank is telling my just doesn’t make sense. Any suggestions would be greatly appreciated. David.”
Here was our answer: David, I think your lender is lying to you. We have done a lot of short sales on Fannie Mae Loans. Here is something you may not know.
Your lender does not own your loan. They do not make the ultimate decision on what happens. Fannie Mae owns your loan.
That means that Fannie Mae makes the ultimate decision on whether or not to approve your short sale. Here is why this matters. Fannie Mae does not normally ask for deficiencies or cash from a short sale seller.
They do when the seller is strategically defaulting on their mortgage. But, most people short sale their house because they are having financial problems. If your lender persists, then you might want to contact Fannie Mae directly.
Or contact your Congressperson or Senator. Let them know that you think your lender is lying to you. Fannie Mae will find out what is happening and hopefully let you walk away with no deficiency or any cash out of pocket.
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 (281) 602-8050
Thinking about a loan modification? Our Houston loan modification kit has the instructions you will need to get a loan modification approved with your bank.
Thanks for reading this, Alice Monroe.
Alice is a Real Estate Agent at Corali Realty.
Alice Monroe specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor. Houston TX Short Sales. Houston Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Alice Monroe, Corali Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
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.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Alice’s personal views and do not reflect the views of Corali Realty.
This information on Houston Short Sales: Why Is This Lender Lying To This Homeowner? is provided as a courtesy to our viewers to help them make informed decisions.