Raleigh NC – Yesterday we discussed a serious problem affecting the short sale industry. Today, we are going to lay out a strategy that the short sale sellers can use to help solve this problem.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The biggest reason that this problem can continue is because the realtors assisting you never receive a copy of your home’s valuation. If we had copies of those valuations, then holding the people accountable would be much easier.
The banks won’t give us the information. And we really don’t have the right to it. But, you, the home seller, does have a right to it under the Equal Credit Opportunity Act
Here is what you can do to get your hands on your bank’s property valuation.
1. Request a complete itemized payoff from your lender. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.
2. Review the payoff to see where the property valuation is itemized. It will usually be called an “Appraisal” or “BPO.” If not, it may be included in some other payoff cost.
3. Since this is part of what you owe on this mortgage, then you have a right to a copy under the Equal Credit Opportunity Act. Fax the lender’s legal department a request for a copy of it.
Send a copy of the payoff and circle the spot where you think the BPO payment is. Request a copy for the borrower under the Equal Credit Opportunity Act. In addition, also mail the lender’s legal department the same request.
If your lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at www.ots.treas.gov, The FDIC at www.FDIC.gov, and the Comptroller of the Currency at www.helpwithmybank.gov.
Indicate on your correspondence with the lender that if they do not comply, then you will be filing complaints against them.
Once you receive a copy of your home’s valuation we can use that date to facilitate the short sale process. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at ken@goldensrealty.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 (919) 606-8751
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Raleigh loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Ken Smith.
Ken is a Real Estate Broker at Goldens Realty. Raleigh Short Sales Realtor:
Phone: (919) 606-8751. ken@goldensrealty.com.
Friendly, loyal, intelligent service!
View My homes for sale at www.GoldensRealty.com.
Ken Smith specializes in loan modification assistance and short sales in Raleigh North Carolina. Raleigh Loan Modification Help, Raleigh Short Sales. Raleigh Short Sale Realtor. Raleigh NC Short Sales. Raleigh Realtor.
Everyone’s Articles – The 919 Business Network – Local Business Networking
Comments
Powered by Facebook Comments