- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Replies (3)
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
It sounds like you are doing a lot of things right. First and foremost, contact your bank (which you are doing tomorrow.) Second, hire an agent who is experienced in short sales not one who thinks they can do one. An inexperienced agent can do a lot more harm than good. Between your bank and your agent, most of your questions should be answered based upon your specific situation. There are varying opinions about making your payment. It used to be that a bank wouldn't even talk to you unless you were 90 days behind. That's not the case anymore b/c many of them want to be proactive. I've had a client do a loan mod while she tried to short sale her house. It took some of the pressure off even though it was only temporary.
You are on the right path. Now you need some key people to give you advice. My best advice... DOCUMENT EVERYTHING! It has always come in handy when I have dealt with banks on short sales.
- Jeff Konstant, "jkonstant"
- Contributions:1970
Given a little time, your credit score will rebound. You must protect as much of your net worth as possible at all times, even at the expense of a temporary decline in your credit rating. I have watched many people throw their life savings away trying to maintain a "good" credit score. I would rather have a 500 credit score with $20K in the bank than an 800 credt score with $2K in the bank.
- Chris Rotondo, "Watermark Chris"
- Contributions:376
Here is a lot of` info on Short Sales. I have conducted many and work with an excellent lawyer that specializes in them. Please review the info and call me ASAP to discuss. You are on the rite track and I have the qualifications to take you the rest of the way!
Look at this link...
http://www.watermarkrealtyri.com/professional6.shtml
Hope to hear from you soon!
Chris Rotondo
Watermark Realty
Owner ~ Realtor
401-486-7742
Listing a short sale and paying the mortgage
1. Try to rent it (which I don't think we could do for enough to cover the mortgage, taxes, and HOA fees.
2. Try for a short sale
3. Deed-in-lieu
4. Just walk away.
We need to move. I've been out of work for 15 months and my husband is about to lose his job in June. That said we have NEVER paid the mortgage late. I did everything right - bought a place that suited my budget, not what I was approved for, had a down-payment, planned to stay for a while etc but then I lost my job. We're in a city/state with really high unemployment and so many foreclosures/short sales. We're not backed my Freddie/Fannie or eligible for any of the new programs because our lender is ING. I'm going to talk to them about modifying the loan and getting a lower interest rate but this isn't going to change anything except perhaps make renting the home out easier for us.
So . . . since I've never been late/missed a mortgage payment I want to protect my credit as much as possible. I would ask the lender to close my loan with "paid satisfactorily" as opposed to "paid less than owed." If they approve the listing as a short sale, I assume I have to continue to make my mortgage payments? What if the short sale takes months - come June we're both out of work. If I stop paying the mortgage until (if) it sells this will appear on my credit report yes? Is there a way to negotiate with the bank to suspend payments while the home is listed for short sale?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.