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Site Loader

I got a call yesterday from a homeowner named Trina who was looking to sell her house fast.

She was not a regular saleswoman. In fact, Trina was facing some very good and very bad news.

The good news:

Despite the economic times, Trina was going to be able to keep her job. Something we used to take for granted but can no longer.

The bad news:

His new job Job was going to be in Houston, 4 hours away; she would have to move.

A kick in the stomach:

Trina had only owned the house for a couple of years and lived in an area hit hard by the housing bubble and bad economy. He had no equity, and there was no way to traditionally sell it with all the closing costs and realtor commissions, and still pay off the $130,000 loan he still had with the bank.

Trina didn’t just have to move fast; could not afford his next monthly payment of $1,250.

A crime against humanity:

He called a traditional real estate agent who told him all he could do was a short sale and had negotiated a short sale price of $120,000.

The real estate agent did this even though this short sale WILL DESTROY Trina’s credit and eliminate any chance she has of getting another house for years; Not to mention, you’ll have a hard time getting car loans, and potentially this short sale will drive all of your interest rates up.

You see, this short sale is a crime against humanity.

Why?

Because there is a much better solution than the short sale and it is called Mortgage Assignment.

Right now there is a large pool of mortgage-qualified buyers who would love to buy a home but can’t because banks are no longer lending to them.

Not only that, but because of the economy, there are millions of honest, hard-working people like Trina who are stuck in a vice because they need to move but can’t afford the costs.

The answer is the mortgage transfer that allows the buyer to buy the house with the existing loan; The down payment will cover closing costs, the investor/realtor fee, and in the process prevent a short sale.

With the transfer of mortgage you have a magical scenario in which everyone wins…

Win for sellers like Trina, they take Scott out for free and save his credit and all that short sale nastiness. The assignment of the mortgage is excellent for the buyer; they get a home they love. Great for the investor/realtor, they keep what’s left of the 5% down payment to 20% remaining after closing costs are done.

Yes, of course, sometimes a short sale is the only option, but there are potentially millions of people going into foreclosure/short sale who don’t have to because they have the option of mortgage assignment.

In this case, not only is the short sale a crime against humanity for your desperate sellers and buyers, but because of the mortgage foreclosure option it is also a crime against your wallet.

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