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Answers (5)
- wayne lancaster, "funds2"
- Contributions:1177
It is necessary to know your rate and when you did a refinance with Wells Fargo. Depending on that information it would be possible to determine if another streamline FHA refinance would be beneficial. Since an appraisal would not be necessary the value is not an issue.
I have no idea why Agents continue to discuss short sales when poster(s) does not indicate hardship. Listings can not be that scarce !? Surely that is not the first course of action for them personally...........
I have no idea why Agents continue to discuss short sales when poster(s) does not indicate hardship. Listings can not be that scarce !? Surely that is not the first course of action for them personally...........
- Rita A. Walker, "Rita Walker"
- Contributions:277
Even with the market we are in, that is an awful big drop in value. Are you sure of this? Are there extenuating circumstances which have caused such a drop in value? How are the other homes in your area dealing with this issue?
Please reply to this and let me know why you think this has happened to your home.
Please reply to this and let me know why you think this has happened to your home.
- Natalie Arndt, "Natalie Arndt"
- Contributions:13
Your situation is unfortunate but if you are not experiencing hardship and you are not able to make payments on your home you will need to ride out this market.
If you are experiencing hardship and you need to sell the home than short sale is a possibility. Short sale is when home owner owns more on the property than the property is worth and the bank is willing to accept the loss.
If you anticipate you will not be able to make mortgage payments in a near future it will be imperative for you to contact real estate broker that is experienced in short sales. At least I suggest you look for following designations: CDPE, CDRS and even than you might not get someone who knows what they are doing. You need to make sure that they are not outsourcing short sale to third party and find names of their clients they helped and get their phone numbers so you can talk to them.
Only 20% of short sales go through while 80% fail and one of the main reason is realtors who do not know what they are doing. Of course chaotic banks with their not properly trained staff adds to this percentage tremendously.
Good luck.
I hope this helps.
Natalie Arndt, BS, MA, CDPE, CDRS,
If you are experiencing hardship and you need to sell the home than short sale is a possibility. Short sale is when home owner owns more on the property than the property is worth and the bank is willing to accept the loss.
If you anticipate you will not be able to make mortgage payments in a near future it will be imperative for you to contact real estate broker that is experienced in short sales. At least I suggest you look for following designations: CDPE, CDRS and even than you might not get someone who knows what they are doing. You need to make sure that they are not outsourcing short sale to third party and find names of their clients they helped and get their phone numbers so you can talk to them.
Only 20% of short sales go through while 80% fail and one of the main reason is realtors who do not know what they are doing. Of course chaotic banks with their not properly trained staff adds to this percentage tremendously.
Good luck.
I hope this helps.
Natalie Arndt, BS, MA, CDPE, CDRS,
- danwdc
- Contributions:2
I would be interested the FHA Short Refinance type program, but having an FHA loan makes me ineligible. I would be happy to stay in my house, but even if the market turns today, I won't be able to sell for 8 - 10 years.
- Christine McDaniel, "Christine McDaniel"
- Contributions:414
What sort of help are you looking for? You said you refinanced, are you wanting to sell the property? I'm assuming you refinanced because you wanted to stay. If you still wanted to sell you would need to get the banks approval of a short sale amount. You would need to talk to an agent in your particular area who is experienced in short sales. They can give you a consultation on what is involved and help guide you through the process.
Good Luck,
Christine
Good Luck,
Christine
Is there any help if I have considerable negative equity on my FHA loan?
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