WORD: "Lack of Good Faith"

And the WORD for Today is:

“Lack of Good Faith”—as it relates to attempting to sell your home to avoid foreclosure means the defaulted borrower is not cooperating with efforts to move forward to a sale of the home. That might be as obvious as not selecting a real estate agent to get the home listed within a reasonable period (7 days, 1 week) based on the lender’s expectations. It might mean refusing to clean the house to an acceptable standard or not allowing showings. Perhaps refusing to complete the hardship package requested by the lender. Basically anything deemed to be reasonable as a show of cooperation, which the borrower refuses or delays doing, can be called a “lack of good faith.” When a borrower has demonstrated a lack of good faith, then the lender has the option to move forward with the legal remedies available to them to foreclose and take possession of the property. 

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You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)