Homes in Hollister CA: A Little Known Fact about Short Sale Negotiators

Homes in Hollister CA – A negotiator at a large bank tried to mislead a Stop Foreclosure Institute Member. She really got on our nerves.

Discover how other sellers successfully executed a short sale to avoid foreclosure by clicking here.

You see, we've spent the last few years figuring out all the guidelines for short sales. If the loan being shorted is an FHA Loan, VA Loan, Fannie Mae Loan, or Freddie Mac Loan, then the guidelines for the short sale are different. In this case, the loan being shorted was an FHA loan. Here's what happened.

FHA puts out a letter called "Mortgagee Letter 2008-43." It details exactly how the lender handling a short sale on FHA's behalf is supposed to negotiate on a short sale. This letter is 16 pages long and gives specific directions on how much to pay agents, what percentage of the appraisal they can accept, etc. (If you're doing an FHA short sale, then google "Mortgage Letter 2008-43.")

Because of a prior horrible experience on another FHA short sale, we had studied up on the FHA short sale guidelines. Bottom line: we know a little bit about FHA's rules for short sales.

The problem was this short sale negotiator didn't want to follow the rules! Instead she made up her own rules. She told me the buyer and seller had to split the cost of the title insurance. The problem is that on page 12 of the Mortgage Letter, it says they're allowed to approve a file paying the standard title insurance costs.

In the area where the property was selling, it was standard for the seller to pay for the title insurance. Because of that, the buyer wasn't willing to pay the cost and threatened to back out of the deal. This short sale negotiator wouldn't budge. We had to argue back and forth with her for two to three days until she finally relented.

It's pretty frustrating when a large bank won’t follow the specific short sale guidelines laid out by the owner of the loan. If the loan owner gives you specific instructions on how to negotiate a short sale, then follow those instructions!

Before you hire a short sale agent, make sure he understands the guidelines for your type of loan. That way, when short sale negotiators try to break the rules, he can keep them in line.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at israel@ighomes.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 at (831) 636-8858.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification?Our Hollister loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail to israel@ighomes.com to request a Free Copy.

Or, click here to request a copy.

Thanks for reading this.~Israel Gonzalez.

Israel is a Real Estate Agent at Beale Properties.

Phone: (831) 636-8858. israel@ighomes.com.

View My homes for sale at www.bestREOhomes.com.

Israel Gonzalez specializes in loan modification assistance and short sales in Hollister California. Hollister Loan Modification Help, Hollister Short Sales. Hollister Short Sale Realtor Hollister CA Short Sales. Hollister Realtor.

Important Notice

Israel Gonzalez, Beale Properties, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Gonzalez's personal views and do not reflect the views of Beale Properties.

This information on "Homes in Hollister CA: A Little Known Fact about Short Sale Negotiators" is provided as a courtesy to our readers to help them make informed decisions.