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Do banks/lenders allow you to short sale your home because they care for you and your family?
You should know that’s not the case. It’s a business decision.Follow the money trail and the answer will become clear.If you have a hardship and can no longer make your payments,you are a liability to your lender.
In many cases your lender will offer a trial modification. This is just another way of getting more money from you. It’s a fact now that most of the modifications given to homeowners have failed. The banks are just trying to delay. They are buying time with your money,they need to delay filing a NOD “Notice of Default. Once they file a NOD the pain really starts for the banks. Now it’s on record as a non producing asset and they MUST now set aside major reserve dollars to cover your loan for a possible loss. Its called the Reserve for loan losses and it’s large! Once this happens the banks want your loan off the books and it’s either a foreclosure or short sale If they foreclose it’s more time and money for them and then they will need to also incur the costs of selling. A short sale is the cheapest & fastest solution. Fastest, yes even with short sales taking 3 to 6 months to process,a foreclosure can take up to a year or more.This is why banks do short sales.