Morris County Short Sales: Lenders Loses 50k Turning Down Short Sale

By
Real Estate Agent with Emeco Property Solutions, LLC
This bank's stockholders are probably unhappy after losing $50,000 over incompetence.



Morris County NJ – I have a good story today about another bank losing their shirt because their short sale process is so tough to work with.

The bank in question is a large, top 20 American Bank. They actually owned the loan in question. So their stockholders lost 50k from their negligence. Ouch!

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the story from a Stop Foreclosure Institute Member. "We met some buyers at an open house. They told us they were buying a house just down the street from one that we had for sale.

They had a contract to buy the house for $275,000. They knew the house was a short sale. They were getting frustrated because they had been waiting for the short sale to be approved.

They had already been waiting for several months with no answer. They mentioned something about 3 mortgages and the junior mortgages were hard to work with.

5-6 months later we noticed that the house was back on the market. This time the asking price was $229,900. It finally sold several months later for $229,000.

That means this bank lost $46,000 on the lower sales price. In addition, we estimate that the lender lost another $15,000 in lost interest income and property taxes.

That means this lender lost $50,000 to $60,000 because their short sale process was so hard to work with. To be honest, I would be kind of embarrassed if I was the CEO of that bank.

The other thing is that the short sale Realtor in question was inexperienced. She had very little experience with short sales, which she openly admitted.

If that lender pushes for a deficiency judgment, that agent's lack of short sale experience could have cost those home sellers $50,000. Ouch!" Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, 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 Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: Lenders Loses 50k Turning Down Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Tags:
merydith endelman
short sales
morris county nj
morris county short sales
mortgages
lenders
short sales lender
foreclosures

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the balloons to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the printer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainer
43,380
Mary Lee
Ocean Reef Club Real Estate - Upper Key Largo, FL
Ocean Reef

So very true, Merydith.  And it happens all the time.  Nice read and have a great week.

Mary Lee

March 10, 2011 12:04 PM #1
Rainer
34,990
Diana Mehnert
Coldwell Banker Harris McHaney & Faucette - Bella Vista, AR

WOW! I think I know what bank this was......quite possible that I have worked one of there short sales.  Got it sold but they where a headache to work with.

March 10, 2011 12:06 PM #2
Rainer
26,203
Roger Davidson
DiSalle Real Estate Co. - Maumee, OH
Maumee, Ohio Real Estate

You mentioned that the agent was inexperienced.  I run into negotiators that are inexperienced and incompetent, but unlike the agent, won't admit it.

March 10, 2011 12:13 PM #3
Rainer
53,418
Eric Peltier
Eric Peltier - Premier Mortgage Group - Boulder Colorado - Boulder, CO
Mortgage Lender in Boulder CO

Well, if there were 3 mortgages, somebody should have just told the sellers to forget about doing a Short-Sale!  ;)

March 10, 2011 12:24 PM #4
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the foot to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainer
26,465

Merydith Endelman

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the sunglasses to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: