Short Sale, Foreclosure and Strategic Default

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Thursday, November 5, 2009

How to Negotiate a short sale with a lender

You have to ask yourself a question at the beginning of the short sale.

I am willing to negotiate on the banks terms. Or, am I going to take a more aggressive negotiating posture from the begining.

More aggressive -

1. RESPA request.
2. Forensic Loan Analysis
3. Litigation prep
4. Hiring a lawyer and making legal demands
5. Compelling the lender to negotiate in good faith.

Less aggressive but perhaps just as effective

1. Choosing your workout option such as a short sale
and working with a Real Estate Broker who has closed dozens of short sales and working with a lawyer who can protect your interests.

Then if you are not able to reach terms you find acceptable, then stepping up to a more aggressive position.

How to negotiate a short sale.

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