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Replies (5)
- Mortgage Market
- Contributions:150
Seek legal advice from a real estate attorney. That's my recommendation.
- Linda Slocum, "SantaClaritaRE"
- Contributions:224
Be sure that you know the long-term impact of selling as a short sale or letting the home go to foreclosure (walking away). Generally a short sale has a less serious impact on your credit.
A short sale means that you'll list the house a bit below current market value, regardless of what you owe, and then ask the bank to approve the shortage in their payoff.
For a short sale, you'll need to show a true hardship in order to get bank acceptance. A job transfer is a legitimate hardship for most banks, although they'll also consider your overall financial situation.
New rules call what you're thinking of doing as 'buy and bail', so without enough income to cover the mortgages on both houses, you likely wouldn't be able to buy in your new state anyways unless you have a lot of cash to put down.
Seek the advice of a local Realtor and/or attorney before just walking away and buying another home elsewhere.
A short sale means that you'll list the house a bit below current market value, regardless of what you owe, and then ask the bank to approve the shortage in their payoff.
For a short sale, you'll need to show a true hardship in order to get bank acceptance. A job transfer is a legitimate hardship for most banks, although they'll also consider your overall financial situation.
New rules call what you're thinking of doing as 'buy and bail', so without enough income to cover the mortgages on both houses, you likely wouldn't be able to buy in your new state anyways unless you have a lot of cash to put down.
Seek the advice of a local Realtor and/or attorney before just walking away and buying another home elsewhere.
- sunnyview
- Contributions:25139
Don't pay a company to tell you how to walk away. Save your money and pay a real estate attorney in your state for a consultation. You can find a good one and ask them a legal question for free at AVVO through their forum. Attorneys in your area will answer your legal question and you can often pay for a 30-60 minute first time consult that costs about $200. You need legal advice that is solid not an unknown company to refer you to someone else.
I am sorry that you are facing this, but there are many scammers out there willing to take money for nothing. Do some internet research, collect the information you can and then pay a licensed attoney to tell you what the legal options are and their tax consequences. They can help you navigate this for much less than the independent companies. Even 1 hour of advice might be enough to get you on track. If you want more information on loan modifications, you can see if you qualify for free here.
I am sorry that you are facing this, but there are many scammers out there willing to take money for nothing. Do some internet research, collect the information you can and then pay a licensed attoney to tell you what the legal options are and their tax consequences. They can help you navigate this for much less than the independent companies. Even 1 hour of advice might be enough to get you on track. If you want more information on loan modifications, you can see if you qualify for free here.
- Pasadenan
- Contributions:21466
Ok pretending to be stressed out, I know you are trying to adverse your lawyer referral website on several different sections of the Zillow discussion boards, but there was some very good answers on the one you posted in the mortgage section:
Process of strategic default (mortgage)
Process of strategic default (mortgage)
- Pat Pribisko, "Pat Pribisko"
- Contributions:1426
I am a Realtor & an Attorney licensed for both only in OH, so I don't represent you or anyone else. That said, you really need to conslt an Attorney, in your current location, who handles residential real estate matters. What you are talking about in your location & in another city are complex issues with some serious consequences. Working through a web site is a major issue!!
Strategic default
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