PRLog - Oct. 1, 2011 - CHESTERFIELD TWP, Mich. -- We get the following questions a lot.
Lori Remax Jpeg
“If I short sale, then how likely is it that my lender will sue me to repay them?”
“Will my lender garnish my wages or take money out of my bank account?” So I will answer those questions in today’s post.
The answer is that it is unlikely that any of that will happen.
Here is the #1 reason this usually doesn’t happen. About 65-70% of all short sale lenders will allow you to walk away owing nothing. The remaining lenders are usually too busy or disorganized to do anything.
Lawsuits cost money and they usually don’t get enough money back to justify the expense.
Here is the #2 reason this usually doesn’t happen. You can’t squeeze money out of someone who doesn’t have any money. The lenders know (from past experience) that if they push a debtor to hard, then that person will just declare bankruptcy.
So the lender gets no money anyways, but they lost money on the lawsuit and collection tactics. (Bankers don’t like to lose money.)
In addition, wage garnishment is difficult. There are many different exceptions and protections against wage garnishment.
For example, if the person being garnished is the main provider for a family, then the laws are often written to stop any garnishment against them.
This is why 80% of all judgments expire uncollected. Even though the legal system gives lenders lots of collection rights most judgments still expire unpaid.
I know these stats may not be very comforting. If you are still concerned, then contact a good bankruptcy or consumer defense attorney. Thinking about a short sale?
ALL COSTS to sell are covered by your lender. Our fees are paid by the bank/mortgage Company at closing, so there are no out of pocket money these services.
If you're having trouble making your loan payments every month call me to see if a short sale is right for you!
I have helped over 100 clients work through difficult issues with their homes and have helped many of them find the best solution that makes the most sense for them.
One of the things most people ask is "Do you have to be behind in your mortgage payments to do a short sale?" The answer is NO.
Call me Lori Brown at 810-543-8896 for more information if you are considering a short sale.
I can help you short sale your property and get back on your feet. Send me an email at Lori@LoriBrownSales.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me,
Lori Brown at 810-543-8896
View my homes for sale at www.LoriBrownSales.com
Thanks for reading, Lori Brown.
Lori Brown CDPE-Realtor at RE/MAX Advisors.
Office 586-725-1900 Email Lori@LoriBrownSales.com
I specialize in assisting homeowners facing financial difficulties in Macomb and St. Clair Counties, including all areas of Southeastern Michigan. By exploring options to avoid foreclosure through dignified solutions including the short sales process, clients receive sound real estate advice.
I am currently offering our services in Bruce Township, Washington Township, Armada, Ray Township, Richmond, Lenox, Shelby Township, Macomb Township, Chesterfield Township, Sterling Heights, Clinton Township, and Harrison Township in Macomb County and Berlin Township, Riley Township, Wales Township, Kimball Township, Port Huron, Columbus Township, St. Clair Township, Casco Township, China & East China Townships, Ira Township, Cottrellville Township, Clay Township and Algonac in the St. Clair County areas.
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.