Internal Lender File Tells The Full Story
The entire week has been used up chatting about strategic defaulters. One of the things that we have been focused on this week is who actually has the hardship. If you haven’t seen the last few days of video, we believe the bank has the hardship since they stand to lose money if they foreclose on a home. Essentially, as soon as a house owner decided that they no longer want to pay their mortgage, the bank is loaded with the hardship. This is a small fact that the lenders and real estate professionals need to be aware of.
Group 4610 has been lucky enough to get a hold of some inside lender documents. The statistics from this inside paper speak volumes about the lender decision to consent to a short sale. Also noted, on the second page of this document, is the motive for short sale or the hardship, as the country likes to refer to it. The hardship in this specific transaction was “tenant not paying.” Those are the actual words used in the bank document. So, what does this small internal lender document tell us? Hardship is mainly unimportant to the lender. The numbers are the important part of the bank transaction.
The first page of this inside lender paper describes how much money the lender will receive if the home forecloses and how much they will get if the bank accepts a short sale. Those are the essential facts in this business. Possibly the most informing sign of why your strategic default will get accepted is in the last couple lines of the second page of this inside bank paper. They just show the savings over foreclosure. The banks know this game. Savings over foreclosure is ALWAYS the most important.
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