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All agents are NOT alike! Find out why I am a top real estate expert. Call me: 908-328-3232.

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Real Estate Tips
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.

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Real Estate Trivia
Q 
What is the only land in the world that has not been walked on by human feet?

A 
A small 200 square-mile section of Antarctica is the only terrain on Earth that not one person has stepped foot on.
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Kathryn Barcellona, REALTOR®, real estate agent and broker for Hunterdon County and Somerset County, New Jersey home listings, property and land for sale - NUMBER1EXPERT

Kathryn Barcellona
Coldwell Banker Residential Brokerage

302 Route 202-206
Bedminister, NJ 07921
908-328-3232
Fax: 862-345-2961
homes@kbarcellona.com


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