- Here's a scenario presented from a follow up question from "Arman". His loan was owned by Fannie Mae and the company handling the loan for Fannie Mae was rejecting an excellent short sale offer for no reason.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is a quick recap of what Arman may be recommended to do by a legal professional .
Step #1: Call up IBM and demand a written letter explaining why they are declining the short sale offer.
Step #2: Write down what you project your damages are going to be if the property is foreclosed upon instead of sold as a short sale.
Step #3: Call up the company handling the loan for Fannie Mae and tell them if they reject the short sale for no reason and the house is foreclosed, then you will be suing them for those specific damages you drew up in Step #2.
Here is the basis for a lawsuit. Fannie Mae is the owner of his loan. If the short sale offer is rejected, then the property will be foreclosed.
In most cases, foreclosed properties sell for 10-15% less than the short sale offer. I can show you countless examples of this happening.
The company handling his loan is not his “lender.” They were hired by Fannie Mae to collect payments and do what is in Fannie Mae’s best interest.
The basis for the lawsuit against this company is that they are not doing everything they can to help Fannie Mae net the most money from the property sale. As a result of them not doing their job, Arman may have a foreclosure on his record.
We all know that a foreclosure will be much more damaging to his credit history. He will have other damages as well. That may be the basis of his lawsuit.
When Arman get in front of a jury and shows how this company’s negligence caused Fannie Mae to lose $15,000 (what's projected they will lose) and that it hurts him as well, the jury may deam it fit to award damages.
In tomorrow’s blog post will details the specific damages one might be able to ask to be compensated for by the lender.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Ashish@CalCapHomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 818 259 3455.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Ashish Trivedi.
Ashish is a Real Estate Broker at California Capital.
Phone: 818 259 3455. Ashish@EastLionRE.com
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Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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. The views expressed here are Ashish Trivedi's personal views and do not reflect the views of California Capital. This information on Short Sales: Are homeowners able to sue their lender for damages after a foreclosure is provided as a courtesy to our viewers to help them make informed decisions.
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