Why Would a Mortgage Company Consider a Short Sale?
We-Buy-Houses-Atlanta-Georgia.com Well, the lender wants their money, it pretty much that simple and when a lender has used every method they can to get the homeowner to catch up the past due amount that lender really has no choice but to foreclose on that property. This whole procedure however will cost the mortgage company even more money, often in the thousands of dollars. They have to pay for an attorney to monitor the foreclosure sale, hire an agent that knows the area and have them do an inspection and appraisal of the property. And if that is not bad enough for the lender, because of Federal Government regulations, they are required to hold in reserves up to three times the amount of each foreclosure they have on their books. This makes it so the lender is very motivated to entertain any option that is put in front of them to avoid the extra expense of having a foreclosure sale and all the resulting liability of them having a REO (real estate owned) property on their books. A mortgage company really never wants to own a property; they are banks, not real estate companies. So since they are in the money-loaning business, they will, in many cases settle for a solution and that is when the short sale comes in. Though a short sale may be the best solution for many, there are many things to consider. For example, will the lender come back to the borrower for the deficiency judgment (the difference in what you owe to what they sold the property for). You may also get a 1099, where the government considers that differential an income to the home owner. There a ways to avoid both these situations and has negotiators and loss mitigation experts that will work on your behalf to avoid them. Though we can’t and won’t make any promises, the only way you can tell for sure is to start doing something about it now. Avoid foreclosure and short sale scams where companies and/or individuals ask for money upfront, we have no upfront fees, no obligation and we will review your individual situation and provide you with what we believe is the best solution for you based on our experiences in preventing hundreds of foreclosures for homeowners that were in the same situation that you are. Please complete our online questionnaire and begin the healing process by letting us start helping you to prevent a foreclosure. We will be in contact with you within 24-48 hours. | 
