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Answers (15)
Best Answer
- Michael Roberts, "Michael Roberts"
- Contributions:16
Hi Cherie_lad, I hope your troubles are few and come to a satisfactory end soon. If your loans meet the criteria, an expert Short Sale Realtor will make this difficult time manageable. When FOX news interviewed me on short sales I found myself becoming anxious enough to scream with frustration from the thought of the poor service available.
This process is best accomplished when you can focus only on one or two steps at time. Start here... and God Bless!
Step 1
Contact your mortgage lender. Don't just call or email customer service or the "loan work out" department. You need to speak with the manager of the problem loan department or another individual who has the authority to approve a short sale request.
While mortgage lenders can be sympathetic to these problems, they are never anxious to allow a short sale. If you are uncomfortable in this role, let your lawyer or Realtor negotiate with your lender. This article clarifies the latest trends.
Step 2
Write a letter authorizing your mortgage lender to disclose your loan information to real estate agents, lawyers, title companies, or other interested parties. Your loan information is subject to privacy laws so your lender needs your written authorization to release this data to anyone.
At a minimum, this letter should include the property address, your name, your loan number (or other identifying data), and, if appropriate, a list of the parties for whom you wish this information to be given.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
I am sorry you are going through this pain, it is better to contact a short sale specialist or an attorney and quickly.
I think I can speak for most Realtors when I say, our hearts break for you and others in this situation, its difficult to say the least.
Good luck to you, I know better days are ahead.
I think I can speak for most Realtors when I say, our hearts break for you and others in this situation, its difficult to say the least.
Good luck to you, I know better days are ahead.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
[Link removed by moderator]
- John Valdez, "John Valdez"
- Contributions:419
Rule of thumb is the sooner the better to get your property on the market. The governments' new HAFA program may especially help you. Check out this FREE hotline where you can get 24 recorded information on the HAFA program and how it can help you. Good Luck!
CALL 1-888-503-6759 ext 911
CALL 1-888-503-6759 ext 911
- Kathleen Stacey Hannon, "CoastalMassachusetts"
- Contributions:79
Hire a good real estate attorney who will represent your interests, not the financial institution's.
While there are many real estate agents out there negotiating with lenders, if you were my friend or sister, I would urge you to get proper legal representation BEFORE you hire the agent.
While there are many real estate agents out there negotiating with lenders, if you were my friend or sister, I would urge you to get proper legal representation BEFORE you hire the agent.
- Diane Riel, "rielestate"
- Contributions:51
To add to the comments below, always return calls and/or written requests for information from your lender. It is not in your best interest to ignore phone communication attempts. You may have one or more lender contacts calling you - be patient and cooperation is your best strategy. .
- Linda Strasberg, "L Strasberg"
- Contributions:2315
as soon as you are aware that you will be facing a hardship resulting in a default of your mortgage obligation(s) you should request a short sale from your loan servicer(s)
- Yousef Abughazaleh, "Mr.shortsales"
- Contributions:242
If you want to stay in your home call your mortgage holder ASAP and ask for a loan modification & ask if they participate in HAMP..Sounds like you want to sell, if so contact a REALTOR who has experience in short sales and get it listed ASAP. Time is of the essense and clock is ticking. You also should check with an attorney & or CPA to see what your tax ramifications can be...
Start immediately biggest mistake home owners in default make is waiting.
- Shannon Thomas, "sthomasrealestate"
- Contributions:218
Sorry to hear of your hardship. So many are in the same boat but the courage and positive thinking of the owners is amazing. Contact a short sale specialist and let them sit down with you. Let them do what they do best and that is to assist you through this bad time. They can help guide you through the procedures and paper work necessary for a short sale as well as qualify you for a short sale from the very beginning. Good luck and God Bless.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
Immediately!
- Joshua Talayka, "Josh Talayka"
- Contributions:40
If you are sure short sale is the option you would like to pursue (you may still have other options), I would suggest getting your home listed imeadiatly. Although it varies from lender to lender, a typical short sale will take around 90 days from the time you recieve an offer and your Realtor submits the short sale package. Durring this time frame, your lender will still be reporting your account delinquent to the credit buroughs. The longer you wait, the more impact it is going to have on your credit.
Furthermore, many of the buyers on the market today are trying to take advantage of the first time buyer tax credit. The current guidlines state that they must be in contract by the end of April, and must close by June. After the April deadline, we may experience a drop in buyer demand which may make it more difficult for you to sell your home.
As for what happens to you: You can continue to live in the home while you are trying to short sale your property, up to the date you actually close escrow. If you are looking to remain in the property after that date, then it may be possible to market the home in a way that would attract investment buyers who would be looking to rent the home back to you after you close escrow.
Furthermore, many of the buyers on the market today are trying to take advantage of the first time buyer tax credit. The current guidlines state that they must be in contract by the end of April, and must close by June. After the April deadline, we may experience a drop in buyer demand which may make it more difficult for you to sell your home.
As for what happens to you: You can continue to live in the home while you are trying to short sale your property, up to the date you actually close escrow. If you are looking to remain in the property after that date, then it may be possible to market the home in a way that would attract investment buyers who would be looking to rent the home back to you after you close escrow.
- Linda (SunSook) Kang, "Linda Kang"
- Contributions:29
It must be really hard time for you in your situation. If you are thinking about shorts ale, find the real estate who is expert with the short sale and talk to your bank that you are thinking about having short sale. Just remember there are pros and cons about short sale. Make sure you understand the procedure. When you are having short sale, you would have enough time to sell it move out. Talk to expert in your area. Good luck!
- Ricky Beach, "rickybeach"
- Contributions:46
Cherie,
You will need to speak with real estate agent in regards to getting the short sale started. The agent will ask you for documents in order to show that you have a hardship; some of these documents are your hardship letter, authorization to release information, bank statements, pay stubs, among others. Once you're property is listed and you have accepted an offer the agent will send the short sale package to your lien holder. You may have to wait 4-12 months for your lender to make a decision so you should get the process started soon. Remember to speak with a CPA or accountant to find out what the tax ramifications may be.
You will need to speak with real estate agent in regards to getting the short sale started. The agent will ask you for documents in order to show that you have a hardship; some of these documents are your hardship letter, authorization to release information, bank statements, pay stubs, among others. Once you're property is listed and you have accepted an offer the agent will send the short sale package to your lien holder. You may have to wait 4-12 months for your lender to make a decision so you should get the process started soon. Remember to speak with a CPA or accountant to find out what the tax ramifications may be.
- Tom Matthews Joanne Taranto, "TomAndJoanneTeam"
- Contributions:528
Cherie:
If you have a financial hardship I would contact the Loss Mitigation department of you bank today. Talk to them and explain why you missed your payment and what is going on. The Banks today are more willing than in the past to work with home owners, but they say that most owners are too scared to contact them. By the time the homeowner contacts the bank they are 6 months behind and there is nothing they can do.
Perhaps you can get the interest rate lowered or get on a different payment plan. Being proactive is key. Best.
If you have a financial hardship I would contact the Loss Mitigation department of you bank today. Talk to them and explain why you missed your payment and what is going on. The Banks today are more willing than in the past to work with home owners, but they say that most owners are too scared to contact them. By the time the homeowner contacts the bank they are 6 months behind and there is nothing they can do.
Perhaps you can get the interest rate lowered or get on a different payment plan. Being proactive is key. Best.
When shoul a seller who is in default past a 30 day payment begin a short sale process?
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