When working with lenders to resolve mortgage debt, they can be quite picky. In fact, it isn’t uncommon for a debtor to apply for a short sale or submit a short sale offer and the bank to deny it. Why? Because the lender wants to regain as much of their lost loan as possible. However, just because you were denied does not mean the end of the road.
Persistence Is Key
As the homeowner, it is your responsibility to secure a way out of foreclosure or mortgage debt. Just as the old saying goes, if at first you don’t succeed try again. The same is true with the mortgage debt process, a lot of the burden is on your shoulders. This means that you will have to be an active participant in getting yourself out from under your debts in a way that suits your situation.
Short sales are known for their lengthy and effort consuming nature. As the seller, you must be able and willing to be patient and flexible. You may have to show your house numerous times and play tough negotiations when accepting offers on the house. Luckily, there is no set amount of time between submitting offers to the bank. If the bank denies an offer, you can submit a new one as soon as you get it. In fact, showing persistence is the best way to get the bank to pay attention and know you are committed to resolving your debts, which will work in your favor in the end.