Hi, this is Kevin Barmann and I’m the short sale listing supervisor for the Matt Fetick Real Estate Team. Today I wanted to talk to you slightly bit about the approval letter that may happen at the end of a short sale. I needed to speak in regards to the importance of it and what it really means.

At the end of negotiations, your mortgage company will send a letter that clearly states what they can and cannot do to you moving forward. The beauty to you doing a short sale is actually going to sum up what they have the right to do. If the property would go to foreclosures, you are open to future litigation and that’s one of many beauties and one of the advantages to doing a short sale. You should have all the things in writing that the financial institution can and can’t do to you shifting forward.

So what I did is I made a copy of a recent approval letter from a client that we closed a short sale on. I took out all private data on here. Probably the most essential statements on right here is that the mortgage company for this client that we recently closed, they waived their right to come after our client for a deficiency. The important part about that’s this helps our client to know that the mortgage company cannot come after them sooner or later for that difference that they lost on the short sale.

Again, I am Kevin Barmann with the Matt Fetick Real Estate Team, your Philadelphia short sale consultants and I’m here to help. Please call me if in case you have any questions about deficiency waivers or approval letters at 610-427-4420 or check out our web site, soldbyshortsale.com. Thanks and have a fantastic day.

For more information on short sales and how to avoid foreclosure, visit the Sold By Short Sale blog or you can also contact the Matt Fetick team and get started today.