Alpharetta Short Sales: A Short Sale Lender's mindset on deficiency judgments

Alpharetta GA – This is a continuation of a theme about how the lender’s view short sales. Are you trying to avoid a deficiency judgment? If so, then you need to be careful about how you present yourself to your lender.

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

A lender will usually be ok with letting a broke borrower walk away without a deficiency judgment. But, if they think you have lots of money sitting around, they are going to want some of it. They feel that since they are losing thousands of dollars, then you should pay them back.

(Fortunately you don’t have to worry about a deficiency if you are one of two people. Category A: You are genuinely broke, or just barely scraping by. Category B: Your lender is FHA, VA, Fannie Mae, or Freddie Mac. They usually let borrowers off without a deficiency.)

 If You fit into Category A, then make sure everything you send to the lender documents that you do not have extra money. Your hardship letter should state that you only have enough money for basic living expenses.

Your financial statement should show that your monthly payments are higher than your monthly income. For example, you might show a monthly income of $4,000. You will want to itemize all your expenses and make sure it adds up to $4,000 (or more.)

Add in every single expense you can think of. Entertainment, cable TV, daycare, medical bills, life insurance, credit cards, auto maintenance, food, electric, water, all utilities, phone, cell phone, etc. The list could go on and on. The point is, make sure you add in everything.

This will show the lender that you don’t have the extra money. You simply can’t afford to pay them $300, $400, or $1,000 a month. The lender will see that. They will be more likely to approve the short sale and let you walk away owing nothing. I’ve got a lot more info on short sale deficiencies. If you have a question about short sale deficiencies, please e-mail it to me at

Are you interested in selling your property as a short sale? Call me at (770) 866-2561 for a free consultation. When you call, I will explain how the process works in detail and answer any questions you may have. Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Alpharetta loan modification kit has the instructions you will need to get a loan modification approved with your lender.

Thanks for reading this, Roland Lorans.

Roland is a Real Estate Agent at Better Home and Gardens Real Estate Metro Brokers .

Phone: (770) 866-2561.

View My homes for sale at

Roland Lorans specializes in loan modification assistance and short sales in Alpharetta Georgia . Alpharetta Loan Modification Help, Alpharetta Short Sales. Alpharetta Short Sale Realtor. Short Sale Realtor. Alpharetta GA Short Sales.

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Roland Lorans TEAM Keller Williams Real Estate Atlanta Partners We are Realtors that do Short Sales and Help Save Houses 770-866-2561
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