Have you recently received phone calls or letters from your bank encouraging you to do a short sale on your upside down or delinquent mortgage? Are you wondering if these calls and letters are legit? Santa Monica short sale agents would like to assure you that they are the real deal.
Recently it has been reported that lenders are reaching out to some of their distressed customers and encouraging short sales for a number of different reasons. Many homeowners are questioning this because to them it may not make sense that a lender would agree to a short sale, however Santa Monica short sale agents say that if you were to look at foreclosures versus short sales, it actually makes a lot of sense for a lender to agree to one. One Santa Monica short sale agent explains that when a lender agrees to a short sale, it actually saves them money in lieu of foreclosure. This is perhaps the biggest reason that lenders are reaching out to homeowners; they’re trying to save themselves money and avoid foreclosure on your home.
Santa Monica short sale agents also explain that many lenders, especially some of the bigger ones like Chase, Wells Fargo and Bank of America, are trying to rid themselves of underperforming portfolios; again, they’re trying to save themselves money.
If you’ve received a letter or phone call from your lender encouraging a short sale, contact a Santa Monica short sale agent to find out more information and to see if there are any incentives available to you. If you haven’t received any correspondence from your lender but are still interested in doing a short sale, please feel free to reach out to a Santa Monica short sale agent to see if you are eligible and what your lender’s requirements are.