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Answers (11)
- bridgetteh83
- Contributions:16
Thank you all for your contributions. I am going to take a stab at it I think. I now just need to find an expert to help me with this. If any of you are familiar with the Bridgetown area and would like to take a shot at my "problem property" I am open to suggestions. I need a real go-getter with expert short sale knowledge and someone who can keep up with me. I am going to be super persistent with this whole process.
- Joan Lane, "joan61"
- Contributions:90
As you can see by the multitude of varied answers......hopefully what you ahave determined is "it depends". Each lender is different, each processor is different, each process itself is different. I have done several in the past few months and with many different lenders. I've done ones with the same lender and they were handled different. You will need to consistently follow up on your hardship package, by phone and email. Please start documenting your processes and who you make contact with. You have already done more than most sellers prior to contacting an agent. I'm happy to discuss/assist further as needed.
- Kevin Kieffer, "Kevin Kieffer"
- Contributions:162
Generally speaking your lender will want to see a hardship. If you are making timely payments, then it may be tough to show you are having a hardship. You may still be able to do a short sale, however, the lender may want to see seller contribution at close of escrow. There are many other variables involved so tough to answer precisely.
- Lonnadeen Bullock, "Lonnadeen Bullock"
- Contributions:44
That's just not true, Steve. Of course, there are the "strategic short sales" that give the process a bad name, but the majority of short sales are legitimate transactions. Most homeowners are trying to do the right thing by selling short instead of making the bank foreclose. Not a happy time for either side, but it's a remedy that is honored in the banking system and it's working. I suspect Steve may have had a bad experience, but please don't kill the messenger.
- Dunes....
- Contributions:3894
Steve...I asked once and am still waiting for your source/verification that shows there is any truth whatsoever to your claim that
"98 per cent of short sales are fraudulent transactions as are foreclosure sales and auctions"
Without Verification or sources for such a claim your Chicken Little The Sky is Falling sales spiel seems pretty lame.....
Just my Opinion of course
"98 per cent of short sales are fraudulent transactions as are foreclosure sales and auctions"
Without Verification or sources for such a claim your Chicken Little The Sky is Falling sales spiel seems pretty lame.....
Just my Opinion of course
- Steve Neuenschwander, "SteveNeuen"
- Contributions:281
Goggle "foreclosure fraud cases" and then think again. 98 per cent of short sales are fraudulent transactions as are foreclosure sales and auctions.
- Lonnadeen Bullock, "Lonnadeen Bullock"
- Contributions:44
Absolutely, your request will be considered. I highly recommend you work with a real estate agent who is experienced in Short Sale Negotiations, however. They will have more success in talking to the Loss Mitigation Depts and Negotiators than you will. A good Short Sale Agent can talk the same language and be able to negotiate on your behalf in your best interests. You can't sit and wait for an answer. You need someone on your side to keep the process moving forward. Hope this helps.
- Jim Basquette CRS, CNE, "Jim Basquette"
- Contributions:1231
It depends on more than the info submitted here. Contact a great listing agent with experience in short sales and give them more details.
I have seen short sales without late payments, but there were other factors which may or may not apply to you.
I have seen short sales without late payments, but there were other factors which may or may not apply to you.
- Jeff Boyle, "jeffrboyle"
- Contributions:6
The chances of getting your short sale to go through are pretty slim. I you are current on your payments the bank does not have any incentive to take a loss on your loan. I believe you should list with a realtor. The right Realtor will have experience in dealing with short sales. Good luck.
- Travis Broadwater, "travisbroadwater"
- Contributions:121
Im not fimiliar with your lender but most "major" banks require a pretty significant hardship to approve a short sale (esp. when your not behind on payments). Think about it, your paying your original note ON TIME, why would they take less?
Regarding a REALTOR, in my opinion getting it on the market now would help your case. At least it shows the bank a sign that you might be having trouble. List for less than your owed value and get a GOOD solid offer on the table, MAYBE your lender will be feeling like dealing.
Good luck!
Regarding a REALTOR, in my opinion getting it on the market now would help your case. At least it shows the bank a sign that you might be having trouble. List for less than your owed value and get a GOOD solid offer on the table, MAYBE your lender will be feeling like dealing.
Good luck!
- James Gordon ABR SFR SRS, "jmgordon"
- Contributions:171
Bridgette it all depends on if there is hardship and what other assets you have. It may be able to happen and may not. Watch out what you do with your assets because Fannie is currently working on blocking home loans for 7 years for people that do a stratigic default.
I am thinking short sale, I am current on payments, will my lender consider it?
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