It is not uncommon to have a short sale not approved by a bank or mortgage lender. Remember that a short sale is just that – a shortened financial sale. Banks and lenders have already lost money due to overdue mortgage payments and collection fees. Many homeowners find out during the process to stop foreclosure that their short sale has not been approved and now wonder what to do. There are many reasons why a lender would not approve a short sale. Understanding the evaluation process and criteria can give you a better understanding of short sale approval and disapproval. Arguing with bank representatives and mortgage personnel does help your short sale denial.
Short Sale Not Approved
The reason that most homeowners fail to win over the approval of a bank or lender is due to mistakes. Each institution has its own criteria and application process when seeking short sale approval. We know that many people use the Internet as one of the main sources of information. The problem is that most financial and foreclosure experts do not reveal the proper way to complete an application. Approval only happens one time and rejections are rarely if ever reconsidered. One mistake in the application or documentation that is required could be the cause of a disapproved short sale request. You can only stop foreclosure from happening when the steps to do it are completed by someone with experience.
Documentation that is requested before short sale approval can be difficult to obtain. There is no grace period of time for an application that is not complete. Along with a hardship letter, most financial information must be included with an application for a short sale. This is separate from having a buyer already lined up to purchase your property. One of the problems with denials happens when a buyer backs out of the deal. Banks and lenders will never pay for the costs of repairs. If a home appraisal or inspection reveals damage, it could be likely that a short sale will not be approved. Lining up a new buyer to help with a short sale is very challenging especially if you are already running on borrowed time. The actual appraisal or offer that is submitted with a short sale approval letter could be refused and will bring an end immediately to any further negotiations.
“Short Sale Not Approved”
Avoid Foreclosure knows how devastating foreclosure is to average people that work hard and still can’t make ends meet. It is easy for someone to say, “get another house“, but that’s hard when you love the house that you are living in. Finding out that your short sale has not been approved is devastating and finding out why could help you stop foreclosure with a second chance. What our experts do is they evaluate your personal needs and circumstances to see where a problem has occurred. We know from experience what to do for you. Call us now at 1-800-589-4106. It does not cost you a penny. Let us help you. We can find out why your bank or lender would determine your short sale not approved.