Alpharetta Short Sales: How to get out of paying a deficiency Part 2

Alpharetta GA – Today, I’m going to give you the step by step instructions on how to avoid paying your lender after a short sale. These steps can also be used to avoid paying on any other debt, such as a credit card, second mortgage, or a judgment.

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

If your short sale lender will not give you a complete release, then short sale the property. Most of the time, you will only get mail and phone calls from the lender’s debt collection department.

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If the lender forces you to sign a promissory note, then sign it and never make a payment. It will take a lot of work on their end to collect from you.

It takes time for the lender to move your file out of the collections system. This will last for anywhere from 1 month to 6 months. The rest of this post is simply my opinion. It is not legal advice. I am just telling you what I would do if I was in this situation.

Simply tell the debt collectors that you are trying to avoid bankruptcy. Do not give them any more information! Don’t dispute that you owe them money. And definitely don’t agree to pay them anything, or tell them that you might be able to pay them. In my opinion, you are better off just hanging up on any collector that calls you.

Anything you say can and will be used against you. This is why you are better off not saying anything. After a while the phone calls and mail will stop. Hopefully you will never hear from your lender again.

This will be the case for most short sale sellers. I estimate the percentage of people who won’t hear from their lender again to be between 80% and 95%. The only thing you will have to worry about is if they sue you.

In that case, you will probably want to hire a lawyer to represent you. Interview them before you hire them. Make sure they specialize in that type of law. Ask them what type of legal argument they will use to defend you. Don’t hire them unless they can explain what they will be doing.

I would not hire a lawyer until I knew for sure that a lawsuit had been filed. The reason I say this is that a lot of debt collection firms threaten lawsuits with no intention of ever filing. They use this as a charade to get people to pay. Why are they doing it? Because it works! Most people freak out and pay them.

Hopefully you won’t make that mistake. In my opinion, what these debt collection companies are doing is a breach of the Fair Debt Collection Practices Act. The act specifically states that you can’t threaten to sue unless you intend to follow thru with the threat.

You are best off “letting sleeping dogs lie.” Until you have been sued, hiring a lawyer will only bring unwanted attention to your case.

Let’s summarize. Step 1: Don’t pay. Step 2: Don’t talk to the debt collectors. Step 3: File every single piece of mail send to you. Step 4: Believe that time is on your side. Just give the lender time to forget about you. I estimate that 80% of the time they will forget about you and move on.

The above is simply my opinion and is not legal advice. I recommend that you seek with competent legal advice prior to making any decision. Tomorrow I’ll give you some stories from our customers that back up what I’m saying here.

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. Click here to request a copy.

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. Alpharetta Realtor.

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