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Hi Steve from Wilhelmy Homes
Hey Thanks for stopping by the site
I want to talk about a topic that not a lot of people know about it in the short sale
world
It is called this term called cross collateralization
And you can feel free to look it up on Wikipedia or wherever you want to look it up but
But let me just tell you how it works
Cross collateralization works if you have say a mortgage with one bank
And then other business going on with the bank
Typically it is another loan
Sometimes it can be a checking or savings account
And somewhere in all of those documents that you signed
Whether it is in the mortgage documents or in your account
Your account set-up documents
If you had like a checking or savings account
It says that if you become late on one these
We can either freeze that account or potentially not allow the transactions to happen
So example would be let us say you have a mortgage and a car loan from the same bank
And you pay off the car loan
And you are going to sell the car
Well technically they can say
No we don't want to do that because you still have a home equity or a mortgage with us
And the collateral for that is the car
The bottom line is if your situation that you need to have a short sale
And that is your best option
And you have thought through it and maybe you
And I have already talked through the situation and say
Yeah that is the right thing
And if you do have your mortgage or one of your mortgages with the bank
That you have other banking interests in whether it is a checking or savings or another loan
You should definitely check into that
Make sure you understand so that there is no surprises and all of a sudden they say
Well we are not going to do that because of this
Or you know those types of situations
Again it doesn't happen too often but it is something that can surprise people
If they are not aware of it and it is also
It helps to have a frankly someone in your corner that understands all this stuff
And can talk you through all that
So if you are in a situation that you are
You are thinking short sale is the right approach and what you need to do
I highly encourage you to reach out to me
My phone number here is right on the screen as well as my email address
Feel free to reach out
And just say Hey I would like to talk to you about it
And we can talk through all of the issues that potentially could be with the short sale
And we can talk through my track record of being successful for a lot of folks with short
sales
And we can make sure that it's the right fit for you
And get you moved on to the next phase
Again the Cross Collateralization with short sales can be a little bit tricky
And you want to make sure that you have an expert in your corner
Making sure you are aware everything
My name is Steve with Wilhelmy Homes
Thanks for stopping by the site
Have a great day