Do you believe the banks really care if the client has a “NEED” to do a short sale. Some the banks try that junk to fish out the people they can scare into staying in the home. First, understand this. The only reason that a seller should do a short sale is to mitigate damage to their credit. Some people have to maintain respecatable credit ratings. You work in securtiy, for the government, in a nuclear power plant. Otherwise, they would be smarter to do the forclosure and bank the money they save in payments and buy a better and less expensive home about a year later when they get kicked out. Two years after that they will be getting a credit again. One day after the forclosure they will be getting B credit, have a nice downpayment and better home in a down market. However, few just need or respect their credit rating but has to move so you tell them about a short sale that will mitigate the damage while they keep the payments current. Your client has assets, a current loan, a good credit rating and the need to get out of their house. You call the bank and they say, well there “has to be a need.” They say that “they have to be behind on payments”. The shere riduculousness of this is the bank cares little for the financial welfare of their clients over their own. A short sale can save the bank up to 50% of the loan amount as compared to a forclosure. They are jus trying to keep the people who care about credit continuing to be responsible for the home. Try this letter.
Date
The three people above this idiot
911 Bankers Lane
World of Hurt, California, 91006
RE: Loan number 3450788924ll
Address: 666 The Jones Way, Noequity, CA 90007
Your loan amount: 855,000.00
Our current offer on the premises that need to be sold: $650,000
Your net from closing of the sale: $598,000
Today we submitted said offer, with a pre-qualified buyer and your Vice President in charge of Workouts, John Wiener said that the seller need to have a true need. They need to be behind in payments.
The only reason for a client to do a short sale is to mitigate the damage to their credit. Short sales save you money over foreclosure.
Your shareholders need to know this policy. I need to confirm that this is your policy.
Please confirm that you want my clients to stop making payments before you will consider a short sale that in the long run will save you money over a foreclosure. I would like this confirmation in writing so that I may send it to my Senators and Representative. I believe that if this is truly your stance in would shock the government and your stock holders. I will expect an answer within 7 days as the buyer we have will not wait forever.
I have enclosed my power of attorney to act for the seller on this loan.
Sincerely,
