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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.
Cathy Coneway Stanberry & Associates Commercial/Residential Realtor 1101 Capital of Texas Hwy South, Bldg F Austin, TX 78746 Phone # : 512-422-5677 Fax #: 512-329-6040 Office Fax#: 512-327-3644 E-mail: Cathy@CathyConeway.com
Cathy has over 20 years experience in the Austin real estate market and is a Realtor with Stanberry & Associates.
She is currently serving or has served on the board of Texas Association of Realtors, South Austin Hospital, Downtown Austin Alliance, Life Savings Bank, Austin Board of Realtors, Homebuilders Association, Women's Council of Realtors, Habitat for Humanity and has been on the board of the Greater Austin Chamber of Commerce twice in her career. She is a Past President of Emergency Services District #9, Central Texas Commercial Association of Realtors, Oak Hill Business and Professional Association and was the 1999/2000 Chairwoman of the American Heart Association.
Cathy loves the outdoors and spends leisure time boating, playing golf, snow skiing, water skiing, herb gardening, playing bridge and traveling with her husband, Rick Coneway a Civil/Environmental Engineer.
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