New Castle County, DE –

A lot of homeowners want to short sale and walk away from the upside down debt. They don’t feel that it is their fault the housing market crashed.

We get the following questions a lot. “If I short sale, then how likely is it that my lender will sue me to repay them?” “Will my lender garnish my wages or take money out of my bank account?”

So I will answer those questions in today’s post.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The answer is that it is unlikely that any of that will happen.

Here is the #1 reason this usually doesn’t happen. About 65-70% of all short sale lenders will allow you to walk away owing nothing. The remaining lenders are usually too busy or disorganized to do anything. Lawsuits cost money and they usually don’t get enough money back to justify the expense.

Here is the #2 reason this usually doesn’t happen. You can’t squeeze money out of someone who doesn’t have any money. The lenders know (from past experience) that if they push a debtor to hard, then that person will just declare bankruptcy. So the lender gets no money anyways, but they lost money on the lawsuit and collection tactics. (Bankers don’t like to lose money.)

In addition, wage garnishment is difficult. There are many different exceptions and protections against wage garnishment. For example, if the person being garnished is the main provider for a family, then the laws are often written to stop any garnishment against them. This is why 80% of all judgments expire uncollected. Even though the legal system gives lenders lots of collection rights most judgments still expire unpaid. I know these stats may not be very comforting. If you are still concerned, then contact a good bankruptcy or consumer defense attorney.

Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at wesell@teamsordelet.com.

I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have.

Or, if you prefer, you can call me at 302-476-2057

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification?

Our New Castle County loan modification kit has the instructions you will need to get a loan modification approved with your bank.

Click here to request a copy.

Thanks for reading this, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057.  Email: wesell@teamsordelet.com.

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View OUR homes for sale at http://www.teamsordelet.com.  

You can also take a look at the other services that we offer:               http://www.sellmydelawarehome.com                           http://www.mydelawarehomesearch.com                             http://www.stopdelawareforeclosure.com                       http://www.delawareshortsalerealtor.com                                       http://www.teamsordelet.com/Market-Snapshot                                      

You can also seach every house for sale in our market place by clicking on this link:      http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php 

David Sordelet specializes in loan modification assistance and short sales in New Castle Delaware. New Castle Loan Modification Help, New Castle Short Sales, New Castle Short Sale Realtor Short Sale Realtor. New Castle DE Short Sales. New Castle Realtor. Delaware Short Sale, Delaware Loan Modification, Selling Real Estate, First Time Home Buyers, Delaware Real Estate Expert, Short Sale Specialist, Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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 David Sordelet's personal views and do not reflect the views of Prudential or Prudential Fox & Roach Realtors. 

David Sordelet, Prudential Fox & Roach Realtors, 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. Why?  Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding Foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.  You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.