Profile picture for Marcy Moyer

Marcy Moyer

Agent

6 Recent Sales (last 12 months)

Realtor, Realtor Ca. (20 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Foreclosure,
Short-Sale

Advice

  • (8 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

who could I talk for advice if I am thinking of a strategic mortgage default?

Answer

Oxboy, As other people have said you should speak with an attorney about the legal ramifications. You can get an initial consultation with a lawyer from the San Mateo Bar Association for about $30. You should also speak with an accountant about the tax ramifications of a stratiegic default.Many banks will ask you to try some alternatives before just giving up. You can try a short sale. The mortgage needing to be more than 31% of your income is true for a HAFA sale, but not a traditional short sale.  If you do not qualify for a short sale you can then ask the bank to give you a Deed in Lieu of Foreclosure. Some banks will do it if you ask, and some ask you to try short sale first. Chase will ask ou to try a short sale first.Best of Luck!Marcy

  (0)
Final walk thru on a shortsale

Answer

Yes, they should have the utilities on for the inspectiosn, appraisal, and walk through. This should be specified in the short sale addendum.

  (0)