Short Sales And Mortgage Assignment – A Crime Against Humanity?

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

She was no usual seller. In fact, Trina was facing some really good and really 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 no longer can.

The Bad News:

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

A Kick In The Gut:

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

Not only did Trina have to move fast; she couldn’t afford her next $1250 monthly payment.

A Crime Against Humanity:

She had called a traditional Realtor who told her all she could do was a short sale and had negotiated a short sale price of $120,000.

The Realtor did this even though this short sale will DESTROY Trina’s credit and eliminate any chance she has at get another home for years; not to mention make it difficult for her to get loans for a car, and potentially this short sale will make all her interest rates go up.

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


Because there is a heck of a lot better solution than the short sale and it’s called the Mortgage Assignment.

Right now there is a huge pool of mortgage assignment qualified buyers who would love to buy a home but they can’t because banks won’t lend to them anymore.

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

The answer is mortgage assignment which allows the buyer to buy the home with the current loan in place; the down payment going to cover the closing costs, the fee for the investor/Realtor and in the process avoid a short sale.

With mortgage assignment you have a magical win-win scenario…

Win for sellers like Trina, they get out Scott free and save their credit and all that short sale badness. The mortgage assignment is great for the buyer; they get a home they love. Great for the investor/Realtor, they keep whats left of the 5% to 20% down payment remaining after the closing costs are made.

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

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

What do you think?

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