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.
Marina Sarabia and Kathleen Costanzo Keller Williams Realty Professionals 3696 N. Federal Highway Suite 101 Fort Lauderdale, FL. 33308 Marina's Cell: 954-914-8056 Kathleen's Cell: 954-914-8060 EmailUs@LauderdaleHomeSearch.com
Marina Sarabia & Kathleen Costanzo have developed a comprehensive and dynamic Real Estate service to buyers and sellers for 21 years; their experience has literally extended from coast to coast. They have committed themselves to providing detailed care and supervision to each transaction, which is absolutely necessary to protect customers and to make certain everyone complies with all legal aspects of each sale. Marina & Kathleen want their customers to feel the personal touch rather than the corporate environment. They know you have a choice when selecting a Realtor … but they feel confident that their service and qualifications will make you their customer for life. Remember when buying or selling real estate, the decision is easy… it is Marina & Kathleen, with Keller Williams Realty.
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