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SunTrust Mortgage Loan Modification Information and Advice. Let us help you now, Call us at 612-508-4100.E-mail Joe Niece about your situation
A SunTrust Mortgage short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor located in Minnesota. This Short Sale negotiation is all done through communication with a bank's Loss mitigation department. The home owner/debtor sells the Minnesota mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.
A SunTrust Mortgage short sale in Minnesota typically is executed to prevent a home foreclosure. Often SunTrust Mortgage will choose to allow SunTrust Mortgage property to short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, a short sale is typically faster and less expensive in Minnesota than a foreclosure in Minnesota due to the redemption laws. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.