So as if it wasn’t already tough enough to get your mortgage lender on board with your short sale now they are charging you to approve it!
Buyers, agents, homeowners, etc. already have enough trouble on a day to day basis processing short sales but now American Home Mortgage Servicing, Inc. feels that it might be a good idea to add an additional fee that is expected to be paid at closing. In many cases as the homeowner does not have any money it falls on the buyer now to pay this fee. Starting as of June 15th 2009 all short sales processed by American Home Mortgage Servicing, Inc. will be requesting a 1% hit/fee. They are calling it a “short sale administration fee”. This fee might be slightly negotiable but in most cases the total amount due will be expected to be paid at closing.
We have found several solutions to stopping the short sales from going south for our clients but it takes creativity and good planing. Make sure that you are working with a reputable company because many agencies out there have the local paper pusher also pushing their short sales and in most cases they could care less.
Find a good team. Teams like ours will process the short sales for you for FREE.
Keep posted for additional updates on your mortgage lenders.