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Answers (5)
- Terry Parrish, "AZHomeConnection"
- Contributions:21
It is a tough time and a difficult place for you to be in.
I agree with the attorney advise. There are attorneys that specialize in distress properties, and deal with many situations comparable to yours. They can re-negotiate the second for you - or advise you accordingly. We specialize in Short Sales and have most all of our clients speak to an attorney on our networking team, to assure they do what is best for them.
Please call if you would like her contact information, and good luck to you!
I agree with the attorney advise. There are attorneys that specialize in distress properties, and deal with many situations comparable to yours. They can re-negotiate the second for you - or advise you accordingly. We specialize in Short Sales and have most all of our clients speak to an attorney on our networking team, to assure they do what is best for them.
Please call if you would like her contact information, and good luck to you!
- Tim Grossglauser, "VIPAZHOMES"
- Contributions:60
I would definitely suggest speaking to an attorney. I often send my clients to a few well known attorneys In Scottsdale that can assist you in these matters. A Free consultation would probably lead you to the best solution.
- Randy Hooker, "GoingForIt"
- Contributions:395
Do not pass Go. Do not collect $200. Go directly to a qualified attorney. Get some answers - good, bad or ugly - and get pro-active.
All the best!
All the best!
- John Conklin, "203K Alternative"
- Contributions:130
Tough situation and as Jeff has stated there are too many variables to give you an answer in this type of forum. If you would like to meet with me at my office and discuss some of your options from a lending stand point feel free to contact me. I can also refer you to a good real estate attorney.
- Jeff Masich, "Arizona Homes Land"
- Contributions:508
Dear SBR:
Sorry to hear about your situation.
There are just too many variables, contracts and security agreements and divorce decrees for anyone in this open forum format to answer.
You should review all with your attorney and ask for counsel from an associate with a real estate background.
He may recommend a "deed in lieu of foreclosure: on some of your properties. Short sales do go through with home equity loans. See the Short Sale advisory from the Arizona Department of Real Estate or your Realtor for more information on this option.
Jeff Masich, Realtor
HomeSmart
Scottsdale
Sorry to hear about your situation.
There are just too many variables, contracts and security agreements and divorce decrees for anyone in this open forum format to answer.
You should review all with your attorney and ask for counsel from an associate with a real estate background.
He may recommend a "deed in lieu of foreclosure: on some of your properties. Short sales do go through with home equity loans. See the Short Sale advisory from the Arizona Department of Real Estate or your Realtor for more information on this option.
Jeff Masich, Realtor
HomeSmart
Scottsdale
Not sure where to turn..definately unique situation which not sure if I qualify or not
My wife and I divorced and she moved out. She was the only one on the loans and we are both on title. On the divorce decree I was "awarded" the home. I was unemployed since September and getting a "temp" job for about 5 months starting the beginning of next month (will be looking during the time if the company does not hire me). My ex was unemployed till this month for awhile.
We have been short selling some rentals and both of us have significant income drops. Both our credit scores are down the tubes.
First loan approx $250K....second (HELOC) is $250K.....house worth $280K?
While in AZ HELOC is not protected with anti-difficiency laws so my ex would be on the hook (even if foreclosed). Not a purchase money note.
Been paying the loans never missed payments in 8 years but last 2 months on the 1st loan I have missed (1 month on the 2nd).
I can't qualify for refinance. With HAMP program, the person on the loan MUST have the property as primary residence. My ex is currently renting somewhere while I am paying the loans. I stayed because based on incomes at the time, I could afford the home and no way she could. Don't want to lie and say this is her primary...although these are the only loans she has stating primary residence. Can we still qualify with HAMP...all the other criteria can be fit in reading it.
Would filing for bankruptcy (Chapter 7) help? I know my ex can qualify.
I don't want to lose the home and need some relief in the form of payments. Arizona is a community property state. Sad that I am trying to do the right thing here for my ex and myself...left on good terms. I don't want to just walk away...bank loses for sure but more importantly my ex will have to deal with the deficit on the 2nd which would be significant.
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