What If My Lender Refuses My Short Sale Request?

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.



Do These Real Estate Tips Really Apply to YOU?

We've learned these tips through years of experience as top Realtors. But we know that YOUR situation might be different. That's why we're here.

It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation.

If you have any questions about these tips - or other tips you may have heard elsewhere - ask us! We'll respond quickly, for free, and without obligation...

Do any of these tips raise questions for you? Didn't find what you're looking for? Let us know! We am happy to answer ANY questions. It's our job! There's no obligation, and We promise to get back to you quickly...



 

turk_photo_expert.gif
 

The Turk Team
Keller Williams Biltmore Partners
2920 E. Camelback Road #100
Phoenix, AZ. 85016
Cell: 602-369-0007
Office: 602-553-4347
Fax: 602-553-4409
Email: Brad@TheTurkTeam.com

As a Phoenix native and lifetime resident Brad Turk's knowledge of the area and local community is one of his strongest assets. Brad has built a solid reputation for success by understanding what home really means. If you asked a group of people to define what home means to them, you might be surprised at their answers - they would be as diverse as the people themselves. Home means different things to different people - it's where you live your life, nurture your dreams, and reap the rewards of a lifetime of hard work. Handling every detail with ease and expertise, Brad's successful real estate transactions are the result of strong negotiating skills, market knowledge and industry experience. Add innovative marketing, fresh concepts, and a genuine understanding of the real estate process, and you will quickly see why Brad Turk and The Turk Teamconsistenly deliver results that exceed client expectations. Honest, passionate and dependable, Brad Turk and The Turk Team are the consummate real estate professionals who can handle all of your real estate needs. Whether you're moving around the corner or across town, if it's time to move on with your life...it's time to call The Turk Team.


About You

Additional Info