« Best 3 Free Foreclosures Listings Sites | Home | Investment Rental Property And Choosing Funds From A Tree »
Internal Lender Document Tells The Entire Story
By Vic Hurlstorm | June 13, 2010
The entire week has been used up talking about strategic defaulters. One of the things that we have been paying attention on this week is who truly has the hardship. If you haven’t seen the last few days of video, we believe the bank has the hardship because they stand to lose money if they foreclose on a residence. Basically, as soon as a residence owner determined that they no longer want to pay their mortgage, the lender is loaded with the hardship. This is a little fact that the banks and real estate brokers need to be aware of.
Group 4610 has been fortunate enough to get a hold of some internal lender documents. The statistics from this internal paper speak volumes about the bank decision to consent to a short sale. Also noted, on the second page of this document, is the motive for short sale or the hardship, as the nation likes to refer to it. The hardship in this specific deal was “tenant not paying.” Those are the authentic words used in the lender paper. So, what does this small inside bank document tell us? Hardship is mostly unimportant to the lender. The statistics are the significant part of the bank transaction.
The first page of this inside bank paper describes how much money the lender will get if the home forecloses and how much they will get if the lender accepts a short sale. Those are the vital facts in this transaction. Perhaps the most informing sign of why your strategic default will get approved is in the last few lines of the second page of this inside lender document. They basically show the savings over foreclosure. The lenders know this game. Savings over foreclosure is Forever the most important.
Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona
Topics: foreclosures | No Comments »