For starters, lenders are not bound to accept any short sales request. If you have the attitude that they should accept your request or you may go into foreclosure you may want to reconsider.
Going into foreclosure versus accepting a short sale request in some cases is a better option for the lender, this is particularly true if your mortgage lender figures they can take less of a loss if they foreclose versus accept a short sale request. On your part, a foreclosure may provide a short term stress relief for you, but in the long run you will feel the effects of a foreclosure on your credit for many years to come.
Instead, the attitude you may want to take with your lender is they the could accept your offer if they are presented an offer that really makes sense to them. Putting together an offer that makes sense is what the Phoenix short sale agents of MiraVista-ShortSales.com have been trained to do.
Mortgage banks are not about being personal, they are about getting the most for their money as possible. Therefore, the short sale request you make should be presented in such a way that makes sense to your lender.
A sure way to get your short sale request rejected is to put in a short sale house price that is 40-50% of the amount of the mortgage owed on the home. Even if the home price fits for what the current market suggests, the lender may choose to foreclose on the home and wait it out rather than lose a lot of money on a low ball purchase offer.
You will need to work closely with your phoenix real estate short sale expert to ensure that you offer to your mortgage lender the right short sale price to ensure that they do not reject your short sale request.
