Yesterday we . Today, we are going to lay out a strategy that the short sale sellers can use to help solve this problem.
The biggest reason that this problem can continue is because the realtors
assisting you never receive a copy of your home's valuation. If we had copies
of those valuations, then holding the people accountable would be much easier.
The banks won't give us the information. And we really don't have the right to it. But, you, the home seller, does have a right to it under the Equal Credit
Here is what you can do to get your hands on your bank's property valuation.
1. Request a complete itemized payoff from your lender. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.
2. Review the payoff to see where the property valuation is
itemized. It will usually be called an "Appraisal" or "BPO." If not, it may be included in some other payoff cost.
3. Since this is part of what you owe on this mortgage, then you
have a right to a copy under the Equal Credit Opportunity Act. Fax the lender's legal department a request for a copy of it.
Send a copy of the payoff and circle the spot where you think the BPO payment
is. Request a copy for the borrower under the Equal Credit Opportunity Act. In
addition, also mail the lender's legal department the same request.
If your lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at www.ots.treas.gov, The FDIC at www.FDIC.gov, and the Comptroller of the Currency at www.helpwithmybank.gov.
Indicate on your correspondence with the lender that if they do not comply,
then you will be filing complaints against them.
Once you receive a copy of your home's valuation we can use that date to
facilitate the short sale process.
If you have any questions about a Short Sale, Please feel free to contact me by email at firstname.lastname@example.org or, if you prefer, you can call me at 770-875-4268.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.
Bion Grady specializes in loan modification assistance and short sales in
Georgia. Loan Modification Help, Short Sales. Short Sale Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Bion Grady, Maximum One Realty Greater Atlanta, and the Stop Foreclosure
Institute are not affiliated in any way, shape, or form with the government.
Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales.
This is not intended as legal, technical, or tax advice. Please speak with a
licensed professional before making any decision. Information is deemed
reliable but not guaranteed as of the date of writing.
The views expressed here are Bion's personal views and do not reflect the views
of Maximum One Realty Greater Atlanta.