How To File A Complaint Against Your Mortgage Company

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Nashville | Brentwood | Franklin | Spring Hill | Murfreesboro | Smyrna | Short Sales | Foreclosures | Avoid Foreclosure | Short Sale Help | Short Sale REALTOR | 615-796-6898How To File A Complaint Against Your Mortgage Company

THIS WEBSITE DOES NOT PROVIDE LEGAL ADVICE: Before you file a complaint, requesting assistance or taking any action with your mortgage company, please be sure to SEEK LEGAL COUNSEL (this website should never be construed as offering legal advice). In addition to filing a complaint and/or contacting any one of the entities listed below to request assistance, you should contact an attorney first then contact a short sale real estate specialist like myself, and/or a legitimate mortgage loan counselor.

*****If you are going to file a complaint the government entities below require that you include the Loan Number(s), Borrower Names(s) and Property Address(es) in any communication. If you know your FHA Case Number, VA Case Number, Fannie Mae File Number or Freddie Mac File Number please be sure to include that as well.*****

When the Bank or Mortgage Company is Not Working with You

If your bank or mortgage company is not working with you to help avoid foreclosure or being very difficult with respect to short sales, I recommend that you file a complaint to help prevent foreclosure. The bank will definitely respond. The last two OCC complaints that I recommended clients file resulted in phone calls from the bank’s vice president’s office. The Consumer Financial Protection Bureau (CFPB) is newer and has been helpful. I would recommend that you start with the CFPB. You can also file complaints directly with major loan investors like Fannie Mae or Freddie Mac. Please see below for more information.

File a Complaint with the Consumer Financial Protection Bureau (CFPB)

The CFPB can help with any type of debt including mortgages, auto loans, credit cards, etc. You can file a complaint against the bank or mortgage company at Consumer Financial Protection Bureau (CFPB), which is a US government office whose website states: “Our mission is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.” According to information I received, mortgage loan servicers and other lenders are REQUIRED to respond to inquiries/complaints filed with the CFPB and the CFPB will actually aggressively push the the loan servicers as needed. Regarding short sales and foreclosures, the CFPB can help with foreclosure issues, short sale valuation issues, short sale processing issues, delays in the short sale process, etc.

File a Complaint with the Office of the Comptroller of the Currency (OCC) – Administrator of National Banks

If your mortgage loan is serviced or owned (i.e. the “investor” on the loan) by one of the large national banks (see the partial list below), you can probably file a complaint against the bank at the Office of the Comptroller of the Currency (OCC) – Administrator of National Banks, which is a US government office set up as an independent bureau of the United States Department of the Treasury.  You can find out more information regarding the OCC on the Wikipedia Office of the Comptroller of the Currency page.

Partial list of the large national banks which would fall under the jurisdiction of the OCC:

  • Bank of America (BAC Home Loans and also formerly Countrywide)
  • Bank of New York (also formerly Mellon Bank)
  • Chase (JPMorgan Chase)
  • CitiMortgage
  • Commerce Bank, N.A.
  • Green Bank
  • OneWest
  • Wells Fargo (also formerly Wachovia)
  • U.S. Bank

Federal Financial Institutions Examination Council (FFIEC) Consumer Help Center
If your bank or mortgage company is not listed above, you can check to see if the OCC would regulate your bank or mortgage company by visiting the Federal Financial Institutions Examination Council (FFIEC) Consumer Help Center.  You can find out more information regarding the FFIEC on the Wikipedia Federal Financial Institutions Examination Council page.  If the search function on the FFIEC page indicates that the OCC does not supervise the bank or mortgage company that you want to file a complaint against, it will tell you the correct regulatory authority to pursue your complaint with.

File a Complaint with the Ombudsman of the Federal Housing Finance Agency (FHFA)

If your mortgage loan is owned (i.e. the “investor” on the loan) by Fannie Mae (FNMA) or Freddie Mac (FHLMC), you can file a complaint with the FHFA. The FHFA oversees Fannie Mae and Freddie Mac. The FHFA Ombudsman investigates complaints against Fannie Mae and Freddie Mac. You can email the FHFA Ombudsman (Ombudsman@fhfa.gov). You can also email the FHFA Consumer Complaints and Questions Department (ConsumerHelp@fhfa.gov).

File a Complaint with Fannie Mae (FNMA) or Freddie Mac (FHLMC) Directly

If your mortgage loan is owned (i.e. the “investor” on the loan) by Fannie Mae (FNMA) or Freddie Mac (FHLMC), you can file a complaint/request assistance directly with Fannie Mae and Freddie Mac.

You can contact Fannie Mae at Fannie Mae Borrower Outreach (borrower_outreach@fanniemae.com) and Fannie Mae Resource Center (resource_center@fanniemae.com).

You can contact Freddie Mac at Freddie Mac Borrower Outreach (borrower_outreach@freddiemac.com) and Freddie Mac Borrower Help (Freddie_Mac_Borrower_Help@freddiemac.com).

Please just do not let the bank foreclose on you without trying to prevent foreclosure. If you have a mortgage loan with Wells Fargo, Bank of America (BAC Home Loans or Countrywide Mortgage), CitiMortgage, Chase (JPMorgan Chase), America’s Servicing Company (ASC), GMAC, a Fannie Mae owned loan, a Freddie Mac owned loan, an FHA insured mortgage loan, a THDA mortgage loan, or any type mortgage loan, and you have missed mortgage payments, or will miss mortgage payments and live in the Nashville Tennessee area (Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage and Hendersonville), please contact Nashville Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options including a short sale or short sales (if you have multiple properties).

Middle Tennessee Real Estate – Middle Tennessee Short Sales, Foreclosures, Short Sale Help and Foreclosure Assistance

I help people buy and sell real estate in Middle Tennessee and specialize in Middle Tennessee short sales, foreclosures, short sale help and foreclosure assistance (stop mortgage foreclosure).  

Whether you are buying or selling real estate in middle Tennessee , my goal is to provide expert advice and exceptionally responsive customer service utilizing the best business practices, technology and systems available.  Call or send me an email so we can discuss how I can best serve your Middle Tennessee real estate needs!

Jim McCormack (Middle Tennessee Short Sales and Foreclosure Help Expert)
Direct – Preferred and text: 615.796.6898

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FHA Short Sales Good Option Instead of Foreclosure

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Short sales are always better than foreclosures if there is an option. Foreclosures take much more time for seller, buyer and lender and cost more for all in the long run. Plus, foreclosures can cause much more damage to the previous homeowner’s credit long term than a short sale. For many FHA or HUD short sales, it’s actually a benefit to all and many HUD/FHA lenders prefer a short sale if the homeowner simply cannot make the mortgage payment. FHA Short Sales Good for HUD and Buyer|Seller

FHA Short Sales, also called HUD PFS Sales or HUD Pre-Foreclosure Sales,  actually cause the lowest loss as a percentage of the unpaid principal balance. It is beneficial for a struggling homeowner and the lender to conduct a short sale as they will receive a better return on the sale of the property.

For homeowners that may be underwater in their mortgage, meaning that they owe more than the home is currently worth, a foreclosure or short sale may be appealing but understand that there are other options. If there is an option of home retention, this is something to address if it’s the seller/homeowner’s desire. This is usually accomplished through the home retention or loss mitigation departments at the mortgage company.  Bank representatives will review the homeowner’s financial information and hardship and determine whether the homeowner qualifies for a loan forbearance or loan modification in order to keep the home.  In the case of FHA insured mortgage loans the home retention review process is required before moving forward with a short sale. Most short sales or pre-foreclosure programs state that the homeowner must be in default or clear evidence of delinquent payments.

Even if a homeowner already has a foreclosure sale scheduled, he or she may still qualify for this but homeowners can’t waste any time and must speak to a short sale specialist about the program right away. Most people lose their homes for two reasons; they don’t understand or know their options and they wait too long.

If homeowners choose to go the pre-foreclosure route, the property is appraised by the lender’s chosen appraiser and then the seller will typically receive a, “Approval to Participate” in the Pre-Foreclosure program. Homeowners  are required to have lived in the home at least 2 of the last 5 years and it must be owner occupied. However, there are exceptions to the owner-occupancy requirement if the homeowner was forced to move due to a job transfer, death or the home was not rented for more than 18 months.

Within 7 days of receiving the notice to participate, the property must be listed with a Realtor® at the appraised value. Starting from the date of the issuance of the ATP, the seller is given a 120 day marketing period to find a buyer and accept a sale contract that nets HUD 88% of the appraised value during the days 1-30, 86% during days 31-60 and 84% starting on day 61. The home must be actively listed for at least 15 consecutive days before any purchase offer can be accepted.

Other requirements during this sale state that the homeowner must not conduct any repairs unless paid for out of the homeowner/sellers own expenses nor may they offer a home warranty.

If you feel that you may be in a situation that could benefit from a pre-foreclosure program, please don’t hesitate to contact me at any time. I am Jim McCormack, your Nashville Short Sale Specialist, at 615-796-6898.

Wages Garnished and Assets Seized from Previous Short Sale and Foreclosure Homeowners

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Wages Garnished and Assets Seized from Previous Short Sale and Foreclosure Homeowners

There’s nothing more relieving than finalizing the paperwork and documents on a short sale or relizing your foreclosure is now over. But is it? Short sales and foreclosures mean that the bank or the lender now has to sell the property for less than what was owed on it. Unfortunately, the banks don’t simply want to eat that money and now debt collectors may be coming after previous homeowners for the difference. Two of the biggest government controlled housing financing companies, Fannie Mae and Freddie Mac are now pressuring homeowners to pay whatever they still owe on mortgages, even those that have been in default for years.Wages Garnished and Assets Seized from Previous Short Sale and Foreclosure Homeowners

This is called “deficiency judgment” and is a legal tool used by lenders to hunt down borrowers that may have had debts for years and sometimes decades on properties that were sold as foreclosures or short sales. It’s a costly investment that may include legal fees and penalties. These debt collectors have gone as far as freezing bank accounts, seizing assets and garnishing wages.

If a debt collector calls you can request an “validation notice” and it must include the amount of debt they want to collect, who they are and a way to disputed if you feel it is not accurate. While you’re on the phone with them do not make any payments nor give them any personal information at this point. Many debt collectors will even threaten criminal charges but be advised that debt cannot land you in jail in this country. You do have a right by law to tell debt collectors to stop harassing phone calls. It sometimes works better in writing but by law if you tell them to stop calling they legally must, however this does not stop the debt collection. They may be able to contact you via written notice or place liens on your property or assets.

Often times, these debt collectors have a case of misrepresented identity because loans and debts are sold and resold so many times. It can be difficult to track down the original borrower. It’s up to you to verify your identity and make sure that these claims are accurate.

Debt collectors and lenders are going after borrowers at this point even years afterwards because they feel that even though they may not be able to pay off the mortgage they may still have enough money to cover deficiency judgments. One major way to get out of this is by declaring bankruptcy, although it has its drawbacks as well. This can harm your credit report for up to 10 years making it difficult or almost impossible to get credit cards, car loans and especially a new mortgage. Borrowers can go on a repayment plan or simply settle the suit with a lawyer.

For more information, please stay tuned to our website or feel free to call anytime with answers to your questions.

Buying a Home in Tennessee and Getting a Mortgage Loan After Foreclosure, Deed-in-Lieu, Short Sale and Bankruptcy Waiting Periods to Buy a Home After Foreclosure, Deed-in-Lieu, Short Sale and Bankruptcy

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Tennessee short sale expert, short sales in middle tennesse, stop foreclosure assistance middle tennesseeMany financially distressed Middle Tennessee homeowners who are facing foreclosure and considering a deed-in-lieu of foreclosure, a Tennessee short sale or even bankruptcy have asked me how long they will need to wait to buy a home after foreclosure, short sale or bankruptcy.

Waiting Periods to Buy a Home After Foreclosure, Deed-in-Lieu, Short Sale and Bankruptcy

Since the answers are found in multiple places, I decided to compile a complete list and cross reference them for accuracy. In order to accomplish that task and compile the Waiting Periods to Buy a Home After Foreclosure, Deed-in-Lieu, Short Sale and Bankruptcy below, I utilized the following sources:

Waiting Period for a Federal Housing Administration (FHA) Insured Loan

  • Minimum Waiting Period Under The New FHA Back To Work Program – Under the new FHA “Back to Work – Extenuating Circumstances” Program, if you have had a foreclosure, short sale, deed-in-lieu of foreclosure, or have filed bankruptcy you may qualify for a new home loan if you are back to work and can document the extenuating circumstances. You must have a 12 month record of on-time rental housing payments with no delinquencies and not have been 30 days late on more than one non-housing loan payment. If there are still any open collection or judgment accounts, then those will have to factored into your debt calculations for the new loan.
  • Foreclosure – 3 years (can be reduced if there are “extenuating circumstances”).
  • Deed-in Lieu – 3 years (can be reduced if there are “extenuating circumstances”).
  • Short Sale – 3 years (can be reduced if there are “extenuating circumstances”).
  • Bankruptcy (Chapter 7) – 2 years from bankruptcy discharge (can be as low as 1 year if there are “extenuating circumstances”).
  • Bankruptcy (Chapter 13) – 2 years from bankruptcy discharge for automatic approval, but can be as low as 1 year after first bankruptcy payments made if all payments were made on time as agreed and the bankruptcy trustee approves the borrower’s new mortgage loan.

Waiting Period for a Veterans Administration (VA) Guaranteed Loan

  • Foreclosure – 2 years.
  • Deed-in Lieu – 2 years.
  • Short Sale – 2 years.
  • Bankruptcy (Chapter 7 or 11) – 2 years from bankruptcy discharge (can be reduced to 1 year if there are “extenuating circumstances” and credit has been re-established).
  • Bankruptcy (Chapter 13) – 2 years from bankruptcy discharge for automatic approval, but can be as low as 1 year after first bankruptcy payments made if the borrower made all payments on time as agreed and receives permission from the bankruptcy court.

Waiting Period for a Conventional Conforming Mortgage Loan (meets Fannie Mae (FNMA) and Freddie Mac (FHLMC) Loan Purchasing Guidelines)

  • Foreclosure – 7 years for full eligibility with Fannie Mae and Freddie Mac. If there are “extenuating circumstances” the waiting period with Fannie Mae can be reduced to 3 years with partial eligibility for loan-to-value (LTV) of up to 90%. The “extenuating circumstances” the waiting period with Freddie Mac is 3 years.
  • Deed-in Lieu – NEW = 2 years from completion of a DIL. OLD = 7 years from the date sale closed and transferred to the new owner or foreclosure completed and property transferred back to the bank with less than 10% Down Payment. 4 years from the date sale closed and transferred to the new owner or foreclosure completed and property transferred back to the bank with 10% Down Payment. 2 years from the date sale closed and transferred to the new owner or foreclosure completed and property transferred back to the bank with 20% Down Payment. 2 years from the date sale closed and transferred to the new owner or foreclosure completed and property transferred back to the bank with 10% Down Payment and acceptable “extenuating circumstances”.
  • Short Sale – NEW = 2 years from completion of a short sale.
  • Bankruptcy (Chapter 7 or 11) – NEW = 2 years from date of bankruptcy discharge. OLD = 4 years from date of bankruptcy discharge. 2 years from the date of bankruptcy discharge may be possible with acceptable “extenuating circumstances”.
  • Bankruptcy (Chapter 13) – 2 years from date of bankruptcy discharge. 4 years from date of bankruptcy dismissal.

Waiting Period for a Conventional Non-Conforming (JUMBO loans which exceed the maximum loan amount which will be purchased by Fannie Mae or Freddie Mac)

  • Foreclosure – 7 years
  • Deed-in-Lieu – 7 years
  • Short Sale – 7 years
  • Bankruptcy – 7 years

Tennessee short sale expert, short sales in middle tennesse, stop foreclosure assistance middle tennesseeA Tennessee Short Sale is Usually Your Best Option

As you can see by the information above and the lesser credit damage caused by a short sale (versus a deed-in-lieu, foreclosure or bankruptcy), a short sale is generally the best option for a financially distressed homeowner who is facing foreclosure or who cannot afford to pay their mortgage.

You should contact a foreclosure defense and/or bankruptcy attorney, a Tennessee short sale real estate specialist like myself, or a legitimate mortgage loan counselor to evaluate all of your options.

Don’t Let the Bank Foreclose on You – Get  Tennessee Short Sale Help and Foreclosure Assistance

Please just do not let the bank foreclose on you without trying to prevent foreclosure. If you have a mortgage loan with Wells Fargo, Bank of America (BAC Home Loans or Countrywide Mortgage), CitiMortgage, Chase (JPMorgan Chase), America’s Servicing Company (ASC), GMAC, a Fannie Mae owned loan, a Freddie Mac owned loan, an FHA insured mortgage loan, a THDA mortgage loan, or any type mortgage loan, and you have missed mortgage payments, or will miss mortgage payments and live in the Nashville Tennessee area (Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage and Hendersonville), please contact Nashville Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options including a short sale or short sales (if you have multiple properties).

Middle Tennessee Real Estate – Middle Tennessee Short Sales, Foreclosures, Short Sale Help and Foreclosure Assistance

I help people buy and sell real estate in Middle Tennessee and specialize in Middle Tennessee short sales, foreclosures, short sale help and foreclosure assistance (stop mortgage foreclosure).  

Whether you are buying or selling real estate in middle Tennessee , my goal is to provide expert advice and exceptionally responsive customer service utilizing the best business practices, technology and systems available.  Call or send me an email so we can discuss how I can best serve your Middle Tennessee real estate needs!

Jim McCormack (Middle Tennessee Short Sales and Foreclosure Help Expert)
Direct – Preferred and text: 615.796.6898

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FHFA Short Sale Guidelines for Fannie Mae and Freddie Mac

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New FHFA Short Sale Guidelines for Fannie Mae and Freddie Mac

FHFA Short Sale Guidelines for Fannie Mae and Freddie Mac
Federal Housing Finance Agency (FHFA) Announces New Standard Short Sale Guidelines Effective 11/1/2012 for Fannie Mae and Freddie Mac to Expedite Assistance to Financially Distressed Borrowers.

Many financially distressed homeowners who are facing foreclosure and considering a short sale finally have some good news to cheer. The Federal Housing Finance Agency (FHFA) issued a news release on 8/21/2012 regarding their new standardized short sale guidelines that are intended to make the short sale process smoother and faster. The new short sale rules go into effect as of 11/1/2012. According to the news release, the highlights of these new short sale guidelines are as follows:

  • Offer a streamlined short sale approach for borrowers most in need: To move short sales forward expeditiously for those borrowers who have missed several mortgage payments, have low credit scores, and serious financial hardships the documentation required to demonstrate need has been reduced or eliminated.
  • Enable servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales: Common reasons for borrower hardship are death, divorce, disability, and distant employment transfer or relocation. With the program changes, servicers will be permitted to process short sales for borrowers with these hardships without any additional approval from Fannie Mae or Freddie Mac, even if the borrowers are current on their mortgage payments. Borrowers will now qualify for a short sale if they need to relocate more than 50 miles from their home for a job transfer or new employment opportunity.
  • Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments in exchange for a financial contribution when a borrower has sufficient income or assets to make cash contributions or sign promissory notes: Servicers will evaluate borrowers for additional capacity to cover the shortfall between the outstanding loan balance and the property sales price as part of approving the short sale.
  • Offer special treatment for military personnel with Permanent Change of Station (PCS) orders: Service members who are being relocated will be automatically eligible for short sales, even if they are current on their existing mortgages, and will be under no obligation to contribute funds to cover the shortfall between the outstanding loan balance and the sales price on their homes.
  • Consolidate existing short sales programs into a single uniform program: Servicers will have more clear and consistent guidelines making it easier to process and execute short sales.
  • Provide servicers and borrowers clarity on processing a short sale when a foreclosure sale is pending: The new guidance will clarify when a borrower must submit their application and a sales offer to be considered for a short sale, so that last minute communications and negotiations are handled in a uniform and fair manner.
  • Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a short sale. Previously, second lien holders could slow down the short sale process by negotiating for higher amounts.

Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.

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Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim’s Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Murfreesboro TN Northmark Successful Bank of America (Fannie Mae) Short Sale Closing

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Murfreesboro TN Northmark Successful Bank of America (Fannie Mae) Short Sale Closing

Jim McCormack, a Nashville-Middle Tennessee Short Sale Expert was able to get this Murfreesboro Tennessee (in Northmark) Bank of America (Fannie Mae) short sale listed and closed despite 3 bad valuations by the short sale bank.  Jim was also able to get this Murfreesboro TN (in Northmark) Bank of America (Fannie Mae) short sale sold and closed due to the following reasons:

  • Proper research and work prior to marketing the home for a sale.  This includes researching the loan type and correctly packaging and handling the seller’s short sale request and hardship package to the short sale bank.
  • Understanding Nashville – Middle Tennessee short sales and offer approval process.
  • A reasonably accurate property re-valuation (3rd time was the charm) by the bank (Bank of America). The original valuation by the bank was $153,000 and made the property impossible to sell. After pushing the Nashville – Middle Tennessee short sale lender for a 2 re-valuations over several months and providing them proof that the originals valuations were wrong, the lender finally did re-value the property for an amount that allowed the short sale to close successfully at $132,000.

Don’t Let the Bank Foreclose on You

Please don’t let the bank foreclose on you. If you have a property in Nashville-Middle Tennessee, owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Murfreesboro Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.

Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale

Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage, Hendersonville and Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Murfreesboro Short Sales and Foreclosures Expert to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property).

Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner, Wilson and Robertson). (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim’s commissions and fees.)

Middle Tennessee Real Estate – Middle Tennessee Short Sales, Foreclosures, Short Sale Help and Foreclosure Assistance

I help people buy and sell real estate in Nashville – Middle Tennessee and specialize in Nashville – Middle Tennessee short sales, foreclosures, short sale help and foreclosure assistance (stop mortgage foreclosure).  Whether you are buying or selling real estate in Nashville – Middle Tennessee , my goal is to provide expert advice and exceptionally responsive customer service utilizing the best business practices, technology and systems available.  Call or send me an email so we can discuss how I can best serve your Nashville – Middle Tennessee real estate needs!

Jim McCormack (Nashville – Middle Tennessee Short Sales and Foreclosure Help Expert)
Direct – Preferred and text: 615.796.6898

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If you need to short sell your Nahsville – Middle Tennessee  property, or you need a quick sale to stop a foreclosure sale, you can Nashville Short Sales. Brentwood Short Sales. Franklin Short Sales. Nolensville Short Sales. Smyrna Short Sales. LaVergne Short Sales. Antioch Short Sales. Spring Hill Short Sales. Thompson’s Station Short Sales. Murfreesboro Short Sales. Smyrna Short Sales. LaVergne (La Vergne) Short Sales. Antioch Short Sales. Columbia Short Sales. Mt. Juliet (Mount Juliet) Short Sales. Springfield Short Sales. Gallatin Short Sales. Hermitage Short Sales. Hendersonville Short Sales. Middle Tennessee Short Sales. Free* Short Sale Help and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage, Hendersonville and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale.

How A Nashville Area Short Sale Offer Should Be Written

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Middler Tennessee Short Sales, Nashville area Short sale expert

Why A Short Sale Buyer Must Commit To Buying A Nashville Area Short Sale Property

I specialize in Nashville Tennessee short sales. With short sale listings (and any listing) there is significantly more to the offer than just the purchase price. I always recommend that my Nashville Tennessee short sale clients accept the most qualified offer, which is not necessarily the highest offer. Many times a potentially great offer will be rejected because it contains terms in the contract that will make a successful Tennessee short sale closing highly unlikely.

The Right to Buy Back at Any Time

For example, one contract term that is an absolute deal killer on a short sale is the buyer requiring the right to back out at any time, or that the contract is non-binding until written short sale approval is obtained.  Sorry buyers. One-sided “option type contracts” that allow the buyer to bail out at any time are very risky to short sale sellers who may have no other chance to re-sell the property due to a pending foreclosure sale, or a foreclosure sale that is likely to be scheduled soon.

Property Inspection Until After the Sale

Another major (and common) short sale offer problem is with buyers who don’t want to do their property inspection until after the bank or mortgage company approves the short sale. That is a recipe for failure. From the seller’s standpoint, spending 30-120 days (on average) negotiating a short sale only to find out that the buyer doesn’t want the home, or doesn’t want the home at the contract price due to problems found with the home, as a result of the inspection, is an exercise in futility.

Even if the buyers still want the property with a repair credit (assuming their lender will even allow it), or the buyer wants the home at a lower price, there is a good chance that the revised offer will be rejected by the short sale lender, particularly if there is not enough time to complete a property re-valuation, or to convince the short sale lender that the property condition warrants a lower price or net.  We could have sent a list of the property problems to the short sale bank and the BPO agent (or short sale appraiser).

Waiting Until After the Offer is Approved by the Short Sale Lender

Those problems could have factored into the original price negotiations with the short sale bank. Waiting until after the offer is approved by the short sale lender and then battling the short sale lender on the price could cause the seller to run out of time and be foreclosed.  From the buyer’s standpoint, why would you want to waste your time waiting for short sale approval on a home that you potentially don’t even want at the offer price, or maybe don’t want at all? To save $350.00+/- on a home inspection? That seems to be very shortsighted to me.

Detailed Short Sale Offer Instructions

To avoid problems like this I have very detailed short sale offer instructions that cooperating buyer agents must follow when writing up their offer on my Nashville Tennessee short sale listings. To make these offer instructions more enforceable, in my listing documents with the seller I am granted the authority to reject any and all offers that do not comply with these offer instructions. A buyer thinking about purchasing a Nashville Tennessee short sale listing absolutely must commit to the property in its AS IS condition. If a buyer is not willing to make that commitment they need to move on and buy another property. I am not trying to be rude, but a short sale offer must be written in a way that clearly indicates that the buyer is committed to closing on the purchase of the short sale property.

If you are a Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Nashville, Brentwood, Franklin, Nolensville, Murfreesboro, Smyrna, LaVergne and Antioch Tennessee Short Sales and Foreclosures Expert to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property).

Middle Tennessee Real Estate – Middle Tennessee Short Sales, Foreclosures, Short Sale Help and Foreclosure Assistance

Jim McCormack is a Nashville and Middle Tennesssee short sale expert and has helped many sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner, Wilson and Robertson).

If you need to short sell your Tennessee property, or you need a quick sale to stop a foreclosure sale, you can   Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim’s commissions and fees.) I help people buy and sell real estate in Middle Tennessee and specialize in Middle Tennessee short sales, foreclosures, short sale help and foreclosure assistance (stop mortgage foreclosure).  

Whether you are buying or selling real estate in middle Tennessee , my goal is to provide expert advice and exceptionally responsive customer service utilizing the best business practices, technology and systems available.  Call or send me an email so we can discuss how I can best serve your Middle Tennessee real estate needs!

Jim McCormack (Middle Tennessee Short Sales and Foreclosure Help Expert)
Direct – Preferred and text: 615.796.689

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Contact Murfreesboro Short Sale Specialist

Jim McCormack, Broker
Murfreesboro Short Sale REALTOR
Murfreesboro Real Estate Problem Solver
Murfreesboro Cash House Buyer
(615) 796-6898
EndingForeclosures.com
JimTheRealEstateExpert.com
ExpertRealEstateGroup.com

TN Real Estate Broker Lic#: 320030

Edge Advantage Realty, LLC
2615 Medical Center Pkwy, Suite 1560
Murfreesboro, TN 37219
Office (615) 796-6898

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Expert Real Estate Group and Jim McCormack (collectively "ERG") is not affiliated with the government and is not a law firm or a lawyer. All information on this site is offered AS IS and is not represented to be 100% accurate or relevant to your situation. We highly recommend you seek legal counsel before making any real estate decision.