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Want Arizona Short Sale Help? Don’t Count On Your Lender

by Charlie Allred

Arizona short sale help should be widely available… Or at least one would think that with the foreclosure rate and ecomony being what it is that lenders would be more apt to give a little when looking at an opportunity to not only get a non performing asset of their books, but to help a person out of a losing situation.

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The thing is, government cash infusions in the form of various bailouts are really preventing the banks from having a desire to truly eliminate these situations for themselves and their clients. And, so it goes with Arizona short sale help… It’s not a guarantee that a lender will agree to your proposed deal. And, it seems that some will actually be somewhat tricky to deal with.

Take HSBC for example… A collegue what arranging a short sale for a client and had this to say:

I always include the following in my Purchase & Sales Agreement: “This offer is contingent upon Buyer arranging for [Lender] to accept $________ as full payment WITHOUT pursuit of a deficiency judgment against Seller for the mortgage that Mortgagee holds on the Property”.

But, many bank simply ignore that contractual line item. HSBC, for example,  is infamous for not waiving deficiency judgments.If you look closely amid the jargon of HSBC’s short sale acceptance letter, you will find the following little stinger: “HSBC Mortgage Services will retain the note on this loan. The customer shall be responsible for any deficiency remaining on the balance. All terms of the original note shall remain in force.”

So let me get this straight… They will agree to the short sale as long as they get all the money owed on the loan? What? How can that even be considered a short sale? Which translates to the lender, HSBC, basically taking a seller through the entire long drawn out process of getting the bank to agree to to accept a short sale only to find out after the fact that you have been snookered because the deal is predicated on the fact that it really isn’t a short sale at all.

This kind of trickery can cause you to age prematurely… I highly recommend you work with Arizona short sale experts to avoid these types of situations where possible. Read more and get the facts on Arizona short sale help today.

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