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Why Would My Bank Ever Let Me Sell My Home For Less Than I Owe?

Hello everyone Toni Patillo here with Toni Patillo and Associates talking with homeowners today about why your lender would allow you to complete a short sale. I use this blog as a way for Southern California homeowners to stay informed about their options for avoiding foreclosure in the current housing market. If you are struggling to make your mortgage payment every month or are already behind on your payments please visit my website or call me directly to get started discussing your options.

When first talking with clients about the option to short sale their home they often believe it is just too good to be true. In all reality a short sale is normally the best alternative for both parties when it comes to handling distressed properties. Your lender is not in the business of owning homes or having an inventory but simply in loaning and making money. When a home goes in to foreclosure the bank becomes the de facto owner and is responsible for its upkeep and also selling it. This means keeping the lawn trimmed and the plumbing working becomes a problem for your lender when it is the last thing they want to deal with. Completing a short sale can also be an opportunity for your lender to create a new loan if the buyer is using their services. More times than not your lender is able to make the most money by completing a short sale instead of letting your home go to auction via a foreclosure. If you are struggling to pay your mortgage or are tired of making payments with no equity please give Toni Patillo and Associates a call.

We are happy to help Southern California homeowners learn about their options in order to avoid foreclosure. Thank you again for your time today and we look forward to helping you in the future with all of your real estate needs.