Q: Why would a bank agree to a short sale?
A: Short sales are a terrific option for homeowners struggling with unaffordable mortgage payments. In fact, lenders’ losses due to foreclosure are projected to increase at record rates giving them more reason to pursue short sales. Lenders project they incur losses as severe as 85 percent in foreclosure! Meaning, after deducting the expense of the foreclosure process on a $100,000 loan, they may only get back $15,000!
It’s common sense that lenders look toward the short sale solution. Even though they are accepting less than is owed on the property, they lose far less than in a foreclosure sale.
In fact, in the Las Vegas area, short sale transactions have increased by seventy six percent!
It may be a surprise to many that lenders actually want to work out a solution that benefits all parties. Oftentimes, the lender is seen as the villain in the situation. I’ve found that the lenders want to avoid foreclosure just as much as homeowners. This free, downloadable report talks more about how to work with your lender, and details all the foreclosure alternatives available to you.
Download the report and call me today; I can help you develop a plan to work with your lender and avoid foreclosure.
IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
