Dealing with the Bank on Your Underwater Mortgage Short Sale
Posted by Usual in Short Sales, tags: BANK, Dealing, Mortgage, Sale, Short, underwaterDealing with the Bank on Your Underwater Mortgage Short Sale
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Home Page > Finance > Mortgage > Dealing with the Bank on Your Underwater Mortgage Short Sale
Dealing with the Bank on Your Underwater Mortgage Short Sale
Posted: Aug 18, 2010 |Comments: 0
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When you’ve found out you’re in an underwater mortgage and you’re having financial troubles, the bank is the last thing you want to deal with, isn’t it?
Sadly, the bank is the first thing you’re going to have to deal with. For what it’s worth, though, Kristin and I have been through what you’re going through right now. We’re fine, our family is fine, and we’ve managed to get out of our underwater mortgage situation without going into poverty.
And we’re going to tell you everything you need to know to do the same thing through our website and in our Special Reports and e-book. OK? Good! So let’s get started.
As we said, you do need to deal with your mortgage lender when you’re in this situation. And we recommend that you hire a professional Realtor, who is educated in short sales, to negotiate your short sale with your lender. Don’t worry, we can help you locate a good short sale realtor in your area, just contact us.
Now, lending institutions by and large still haven’t gotten up to speed on the fact that short sales save them money. They want every penny of profit on your mortgage that they can milk out of you—not what your house is actually worth now. But with a nationwide inventory of 1.1 million foreclosed houses, even the banks are starting to understand the reality of underwater mortgages.
So, set your Realtor loose on your mortgage lender. He or she is qualified to bargain for you on everything from the actual value of your house, to persuading your lender to accept what the house sells for rather than coming after you for a deficiency judgment—the difference between the sale price of the house and the amount you owe on your mortgage.
You also want to be aware that there’s a new federal program that’s been in place since April to speed up the short sale process. Your Realtor may even have to educate your mortgage lender about Home Affordable Foreclosures Alternatives, or HAFA, which is a program that provides some money in short sale situations to mortgage lenders and, for a change, to homeowners.
Now, one thing that we recommend you do before you approach your mortgage lender is to be sure that you’ve closed any other accounts you have with that institution. If at all possible, put whatever money you do have in the accounts of trusted friends and family members for safekeeping.
Next, its time to list your house. Don’t let your mortgage holder choose your Realtor or listing agent. And don’t let the mortgage holder set the price for your house.
One thing you need to know before you begin this process is that your mortgage lender’s employees might try to play mind games on you. They’re going to tell you that you should try borrowing from friends and family; they’re going to tell you that you have some kind of obligation to the bank to pay that mortgage, underwater or not.
Don’t listen to them. How you choose to deal with your underwater mortgage is a business decision, not a moral decision. The moral decision, in fact, is to put yourself and your family first! Whatever you do, don’t start feeling sorry for the mortgage lender. While the government is just starting to make some money available to help homeowners with short sales, remember—they gave the banks a free ride with bailouts!
Your financial future is on the line. The mortgage lender’s CEO? He or she is going to get paid millions in bonuses this year whether you get out from under your underwater mortgage or not.
So, yes—hire a Realtor to negotiate and navigate a short sale for you. Contact us if you’d like help finding a professional, certified Realtor in your area, who’s truly educated in short sales. And if the lender won’t accept a short sale, it’s time to consider foreclosing. There is no reason at all that people should allow an underwater mortgage to ruin their lives!
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Bud Gragg -
About the Author:
Bud and Kristin Gragg have over thirty years of Real Estate sales, investing, and development experience combined, they have just survived liquidating over 24 million in underwater investment Real Estate and their incredible story needs to be heard by millions right now. Go To: http://www.TheUnderwaterMortgage.com where you can get a FREE Special Report “Underwater Mortgage Secrets: What the Banks Don’t Want You to Know” Just for stopping by!! If you or anyone you know is Underwater in their home or any of their investment properties - the information on http://www.TheUnderwaterMortgage.com is an absolute must!
Bud and Kristin Gragg
The Underwater Mortgage
101 N Coloradro St Suite 2710
Chandler AZ 85225
480-497-5600
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I was denied a Hamp mod due to NPV caculations. My lender will not explain these terms to me. They said they cannot help me. I need to short sale and get out. Can u please help me
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Bud and Kristin Gragg have over thirty years of Real Estate sales, investing, and development experience combined, they have just survived liquidating over 24 million in underwater investment Real Estate and their incredible story needs to be heard by millions right now. Go To: http://www.TheUnderwaterMortgage.com where you can get a FREE Special Report “Underwater Mortgage Secrets: What the Banks Don’t Want You to Know” Just for stopping by!! If you or anyone you know is Underwater in their home or any of their investment properties - the information on http://www.TheUnderwaterMortgage.com is an absolute must!
Bud and Kristin Gragg
The Underwater Mortgage
101 N Coloradro St Suite 2710
Chandler AZ 85225
480-497-5600
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