Lenders are more apt to approve Short Sales for Lakeland Real Estate

ForeclosureForeclosing on your home is not cheap for the lender and with bank-owned inventory on the rise in the Lakeland real estate market in and around Polk County, FL.  Banks are more inclined to encourage short sales.  First of all, it is very time consuming from the start of a foreclosure to finish, which can take more than a year and the cost of foreclosure is far below their net from taking back to property, maintaining and managing the property.

It is all about the lender’s bottom line!

Banks are also encouraging short sales when there is a 2nd mortgage or a home equity line of credit with different lenders. It may complicate matters more but both lenders have to be in agreement to facilitate and close a Lakeland short sale. The second lien holder will not allow a zero dollar amount and the first lien holder offers very little to the second lien holder, which may require you to owe a note and pay for some of the loss.

Depending on your situation, the lender may only ask you for a small amount of the deficiency to be paid back and the terms are mostly very favorable. Please take that into consideration when evaluating your situation before, now and after.

Foreclosure should never be your first step solving your crisis.  A loan modification may have helped you short term and now you are perhaps in the same position again having difficulties or are behind on your mortgage payments.   Call me at (863) 619-6918 today for a confidential consultation to do a Lakeland Short Sale or email me directly Petra.Norris@servinglakelandfl.com

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