The entire week has been used up talking about strategic defaulters. One of the things that we have been paying attention on this week is who really has the hardship. If you have not seen the last couple days of video, we believe the lender has the hardship because they stand to lose money if they foreclose on a house. Basically, as soon as a residence owner decided that they no longer need to pay their mortgage, the bank is burdened with the hardship. This is a small fact that the lenders and real estate professionals need to be aware of.
Group 4610 has been lucky enough to get a hold of some inside bank papers. The statistics from this inside document speak volumes about the lender decision to permit to a short sale. Also noted, on the second page of this document, is the reason for short sale or the hardship, as the universe likes to refer to it. The hardship in this individual deal was “tenant not paying.” Those are the real words used in the lender paper. So, what does this small inside lender paper tell us? Hardship is largely unimportant to the lender. The statistics are the important part of the lender deal.
The first page of this inside lender paper describes how much money the lender will receive if the residence forecloses and how much they will receive if the bank accepts a short sale. Those are the important facts in this deal. Perhaps the most informing sign of why your strategic default will get approved is in the last few lines of the second page of this inside bank document. They just show the savings over foreclosure. The lenders know this game. Savings over foreclosure is ALWAYS the most important.
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