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Tower Mortgage has been in business for 20 years and is a Georgia Mortgage Licensee.

Our short sale team has an additional 20 years of combined direct short sale negotiations experience.

They can make it happen!

 
Atlanta Office
 

Tower Mortgage Corporation
1261 Biltmore Drive NE
Atlanta, Georgia 30329-3835

Short Sale Svs (404) 321-3033

Fax (404) 321-3811

   
       

Tower Mortgage has been in business for 20 years and is a Georgia Mortgage Licensee. Our short sale team has an additional 20 years of combined direct short sale negotiations experience!

We are accepting short sale files for our experienced team of short sale negotiators to work on behalf of Georgia Realtors® within the licensing structure consistent with the Georgia Department of Banking and Finance.

For a Short Sale to be accepted by Tower Mortgage Short Sale:

  • The property must be listed by a licensed Georgia Realtor® and the listing agent must obtain all short sale paperwork and financial package information from the Seller,
  • The sales price must be $100,000 or more, and
  • Each listing agent and selling agent must agree to split a commission that may be as low as 4%.

There are no upfront or subscription fees to sellers or listing agents.

Listing agents interested in engaging Tower Mortgage Short Sale may:

Our office hours are Monday – Thursday 9am to 5pm (Eastern), and Friday 9am to 2pm.

REGULATORY BACKGROUND:

In May of 2011, the Georgia Department of Banking and Finance issued Cease and Desist Letters to two real estate agent sponsored short sale services, asserting the real estate agents were engaged in residential mortgage brokering activities, without a license, and without cover of an applicable exemption in violation of O.C.G.A. § 7-1-1002.

Pursuant to Georgia law it is prohibited for any person to directly or indirectly solicit, process, place, or negotiate mortgage loans for others, or offer to solicit, process, place, or negotiate mortgage loans for others, without a mortgage license, or pursuant to an exemption from licensure. According to the Department of Banking and Finance, this includes negotiating short sales.

In recent years, many law firms and attorneys have offered short sale services, relying on an exemption from licensure, if the work is an ancillary matter to the attorney’s representation. However, several of Georgia’s largest real estate firms have recently stopped offering short sale negotiation services, in acknowledgment of the Department’s position that negotiating a short sale for a homeowner/seller is not “ancillary” to the lawyer’s engagement of their client, the buyer’s lender.

     
       
What is a Short Sale?
  • A Short Sale is a Lender’s voluntary acceptance of less money than is owed to allow a property to be sold as an alternative to foreclosure. The proceeds to the Lender will be “short” of the amount necessary to pay off the debt.
  • A Short Sale is the Lender’s voluntary agreement to do
    something it does not have to do. A Short Sale is
    therefore a gift and not an entitlement.
  • No one has the right to a Short Sale
  • A Short Sale is the voluntary agreement of the Lender to do
    something it does not have to do
  • Borrower has no right to a Short Sale
  • A Short Sale is an alternative to foreclosure; it is the option of
    last resort for a Seller and if the Short Sale does not work, the
    property will go to foreclosure;
  • A Short Sale presumes an arm’s length purchase and sale with
    an unrelated purchaser;
  • The Seller/borrower will generally not get any money from the Short Sale transaction (there are some exceptions to this general rule, some lenders may allow a seller cooperation allowance.  Any such allowance must be approved by the lender as part of the short sale.)
  • The Seller will be moving out of the house and cannot stay;

What’s in it for the Sellers?

  • Most Sellers facing foreclosure are eager to pursue those avenues available to them to avoid a foreclosure.  After a trying a modification or trying to list the house and sell it without a Short Sale – the only shot of avoiding a foreclose is the short sales.
    • Sellers do not want “Foreclosure” on their credit report;
    • Sellers do not want to say “Yes” when asked on future loan applications whether “they have had a house go to foreclosure”; and
    • Sellers usually want to feel as it they have met their obligations to their lender and exit the situation according to some mutual agreement with their lender. In addition to the above, there are several advantages to a Seller after completing a Short Sale.
    • The Short Sale can result in the satisfaction of Seller’s debts (they can walk away from hundreds of thousands of dollars in obligations);
    • The Short Sale may provide the relief to the Seller such they do not feel the need to file Bankruptcy;
    • The Short Sale allows the Seller to sell their house in a “normal transaction” at a settlement agent’s office just like anyone else;
    • The Short Sale can be completed, the house bought and sold without any public notice of public display of distress minimizing the stigma and embarrassment of the Seller’s situation; and
    • The length of time it takes to finalize the Short Sale may afford the Seller time to re-group and plan their relocation.

What’s in it for the Lenders?

THE LENDER WILL DO WHAT IT THINKS IS IN THE BEST INTEREST OF THE LENDER.

If the Lender forecloses on the property, then it will bear the costs of the foreclosure, taxes, insurance, cleaning up title, marketing and sales, utilities, repairs, and real estate commissions.

If you add up all the costs to the Lender and can make an offer to the Lender where their net proceeds will be greater than what they would get if they took the property back at foreclosure, then it is in the best interest of the Lender to accept a Short Sale.

If the Lender concludes that it will do better by taking the property back at foreclosure and selling it themselves as Real Estate Owned (REO) property, then they will NOT accept a Short Sale.

       
     
 
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