Today, Kevin and Fred would like to speak about making the mortgage payment or missing the mortgage payment. So, how does the team at Group 4610 deal with this situation?
As real estate professionals we need to be very cautious not to tell our customers to skip payments and also not to instruct customers to make payments. Perhaps the best thing that we can do for the customers is to have them call the lender.
Typically, if you phone the bank and ask them about this situation, they will advise you that they only do short sales for clientele that are missing or behind on payments. That is an interesting answer. The lender won’t advise you to miss payments. Nonetheless, they are really telling the clients how to get a short sale done.
It’s significant to talk to your agent about this. In early 2009, short sales were being completed on a standard basis without the clients missing payments. However, major investors similar to Fannie Mae have now publicly acknowledged that they will not look at a short sale if the home owner is current with their payment.
Kevin and Fred are basically informing their clients that they will not list their house unless they are delinquent. Notice that Kevin and Fred are not telling customers to miss payments. This question of missing payments is investor specific, home specific, client specific and lender specific. Each short sale is different.
There are explicit reasons why you may take a client short sale devoid of missing payments. For illustration, divorce and job relocation are all well-defined hardships that may factor in your decision. We certainly are not telling you how to operate your business, just how we operate ours.
Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona
