Apple Valley MN Short Sales: How to Get a Short Sale Lender To Waive Your Deficiency Clause
Apple Valley MN – The Metropolitan Home Team received a question from Ryan. Here is Ryan’s Question.
“I just received a full price offer on my Apple Valley Mn home. My main concern is I don’t get stuck having to pay off a deficiency. I have a first and 2nd mortgage and owe 324,000 on my home.
How can I work this out so I can walk away from my Apple Valley Mn home without owing any money? Is it even possible with such a large difference between what the house is worth and what is owed? Ryan.”
Here is the answer to Ryan’s Question: Ryan, you need to read thru the short sale approval letter. See if it contains any language like “Payoff”, “Forgiven”, “agrees to release the debt”, or “Release the right to a deficiency.”
Have an attorney read it over to make sure it says the debt will be released. If it doesn’t say the debt will be released, then you can re-negotiate to issue a complete release.
1. Request the deficiency is waived. Tell the lender you will not short sale your property unless they give you a complete release.
2. Show proof you cannot afford a deficiency payment. A debt from an absolutely broke person is worthless.
3. Show proof your lender will net more money from a short sale compared to a foreclosure. This is your agent’s job to do. Your short sale realtor will put together a calculation showing how much the lender is netting from the short sale, and project what they would net from a Apple Valley Mn foreclosure.
If you cannot prove your income doesn’t cover your bills, then you may need to look into other avenues. You can look into getting a forensic loan audit to see if the lender broke any lending laws on the loan. Thinking about a short sale?
I can help you short sale your home and never pay the bank another penny. Send me an e-mail at TimMurphy@MetropolitanHomeTeam.com and ask about my Free No Cost, No Obligation Consultation.
When we talk, I will explain how the Apple Valley Mn short sale process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (952) 223-0999.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Apple Valley Mn loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to get your copy.
Thanks for reading this, Tim Murphy.
Tim is a local Apple Valley Mn real estate agent @ Re/Max Results.
Phone: (952) 223-0999.
P.S. Please feel free to call or e-mail me anytime for a FREE No Cost, No Obligation Consultation. My goal is to help as many people as I can in 2011.
Get the tools you need for a successful loan modification by clicking here.
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
Tim Murphy
Metropolitan Home Team
RE/MAX RESULTS
Phone: 952.223.0999
Tim Murphy specializes in helping Apple Valley Mn Homeowners short sale and never pays the bank another penny. Apple Valley Mn Loan Modification Help, Apple Valley Mn Short Sales. Apple Valley Mn Short Sale Realtor, Apple Valley Realtors, Apple Valley Mn Realty, Lakeville Mn Realtor. Lakeville Mn Short Sales, Rosemount Mn Short Sale Realtor. Farmington Mn Short Sales, Eagan Mn Short Sale Realtor.
Copyright 2011 Metropolitan Home Team All Rights Reserved. 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.
The views expressed here are Tim Murphy’s personal views and do not reflect the views of the Metropolitan Home Team or Re/Max Results. This information on Apple Valley Mn Short Sales: How to Get a Short Sale Lender To Waive Your Deficiency Clause? Is provided as a courtesy to our viewers to help them make informed decisions.