Time and time again, I hear about short sales failing or short sales coming up … well, short. After digging deep on the conversation, we realize that at some point the homeowner talked to the bank.
Let’s all get to the same page here.
The Short Sale process is a collections process.
If you have ever been blamed for not paying a bill or something similar then that process is very similar. Your debtor (real or false) wants to collect as much information on you as possible. In some cases, they want to trap you into a situation that makes it very hard psychologically to not pay them back.
Fast forward to a short sale. The bank already has enough evidence that you OWE the money but now they know they are not going to get it all. So they need to know how much they might extract from the you. So let’s say you have a 401K that you explain, that you don’t want to pay them. OOPS! That becomes part of the discussion. They legally can’t touch your 401K, but legally they don’t have to approve the short sale either.
You really need someone else talking to the bank for you based on one simple rule:
YOU OWE THEM MONEY, WE DO NOT.
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