[trekwars2000]

How do you "not have time to work this yourself" when you have no job?

[ShortSalePro]

I have been in the mortgage business for sometime now and I have joined forces with Access Loss Mitigation this last year. We specialize in assisting homeowners with short sales. We have a team of people who negotiate with lenders everyday on our clients behalf. We don't charge up front fees. In fact if we can't sell your house you don't owe us a penny because we get paid from the listing commission of the real estate agent(this is paid by the lender).


Something to note that I am sure you are not aware of. If you file bankruptcy all you are doing is delaying the foreclosure. It will not free you from the debt of the mortgage. The reason being is after you file for bankruptcy the lender will then file a motion to continue the foreclosure process this usually delays things by about 2 months. After the foreclosure proceedings take place the lender will then come after you for a deficiency judgement. A defiency judgement is when you owe more than the property is worth and the lender can recoup their losses directly from you. It is a judgement from the court so they willl garnish wages and it gets really nasty.

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[olecapt]

Originally Posted by ShortSalePro

I have been in the mortgage business for sometime now and I have joined forces with Access Loss Mitigation this last year. We specialize in assisting homeowners with short sales. We have a team of people who negotiate with lenders everyday on our clients behalf. We don't charge up front fees. In fact if we can't sell your house you don't owe us a penny because we get paid from the listing commission of the real estate agent(this is paid by the lender).


Something to note that I am sure you are not aware of. If you file bankruptcy all you are doing is delaying the foreclosure. It will not free you from the debt of the mortgage. The reason being is after you file for bankruptcy the lender will then file a motion to continue the foreclosure process this usually delays things by about 2 months. After the foreclosure proceedings take place the lender will then come after you for a deficiency judgement. A defiency judgement is when you owe more than the property is worth and the lender can recoup their losses directly from you. It is a judgement from the court so they willl garnish wages and it gets really nasty.

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Sounds good. Why don't you send me the name of the agents you use locally and I will see how they do. Or you could send me the last 10 listings you made or sold in Las Vegas.

Noting that the local success rate on shorts is creeping up to 10% that is really quite an exciting success ratio you have.

I suggest those in need of such services wait until we see some real data on how these guys do...

On the good side of all this I have a couple of potential shorts I might refer...given that it checks out.

[Leaving_LV]

Thanks again. I really don't anticipate needing very much credit for four or more years. I'd keep it if I could but there's no way I can afford it. I thought if I signed a deed in lieu, it would bypass the whole NOD waiting period and let them take possession and sell the house quicker. I think conventional wisdom says the prices will slide a bit more and maybe they could get more for it. It's vacant now and I had a cleaning crew come in and spruce it up. It's ready for sale. I guess they just want it all or nothing.

[mikelinkenauger]

We just did one on ours, while letting your home go may seem like the easy way out, a short sale does not linger on the credit report like a foreclosure does. It is also possible to get one done in a very short period of time, and not hurting the credit as much either. There is a site that is just for finding a good short sale agent, and they also gave us alot of consultation and for free as well. Very detailed website www.short-sale-specialists.com

[airics]

if you are just going to let it go, sell the bank the keys to the house! my neighbors across the street did this.

[sallylasvegas]

I was so sorry to hear of your dilemma. Hopefully, you don't mind me asking what the outcome was? i like you, am current on all my credit cards etc and have never missed a payment on anything. I am now very underwater in my house and can't really afford the approx. $2200/m payments as my personal circumstances have changed. I have an 80% first and a 20% second (no money down) I am so confused about short selling as I keep reading that I will owe tax on the difference of what i sell for what i owe, which could mean that I owe tax on upwards of $100,000. Dec was the first month I missed a payment and so far the lender will not help in reducing my monthly payments as I have a 6.25% fixed interest only and they say that no-one will modify unless it's modified to a principal and interest which will not really lower the payments. I am at a loss as to what to do with regard to pushing on and hoping they'll reduce the payments, go for a short sale or go into foreclosure. Thanks for anyone's input!

[olecapt]

Originally Posted by sallylasvegas

I was so sorry to hear of your dilemma. Hopefully, you don't mind me asking what the outcome was? i like you, am current on all my credit cards etc and have never missed a payment on anything. I am now very underwater in my house and can't really afford the approx. $2200/m payments as my personal circumstances have changed. I have an 80% first and a 20% second (no money down) I am so confused about short selling as I keep reading that I will owe tax on the difference of what i sell for what i owe, which could mean that I owe tax on upwards of $100,000. Dec was the first month I missed a payment and so far the lender will not help in reducing my monthly payments as I have a 6.25% fixed interest only and they say that no-one will modify unless it's modified to a principal and interest which will not really lower the payments. I am at a loss as to what to do with regard to pushing on and hoping they'll reduce the payments, go for a short sale or go into foreclosure. Thanks for anyone's input!

First off...do you want the house at a reasonable payment? If so try real hard to remain current until it becomes clear whath the Obama administration proposes. You just might make out. But you may need to be current.

If you simply want out go for the short sale. No taxes will be required on the loss. Get yourself an RE Agent and then put together a short sale package. Get it listed and an offer and you are off and running. I would not make any more payments if my mind was set on a short sale. Might as well enjoy the good side as well as the bad.

Leave foreclosure for the end if nothing else works.

And good luck...it helps...

[sallylasvegas]

Thanks, i haven't paid dec or Jan, the lender basically said they wouldn't even look at my case until I was delinquent, so even though it goes against my grain and I'm up at night worrying about it, that's what my current path is. In answer to your question, yes, I would want the house at a reasonable payment.

[airics]

what happens if the short sale doesnt work and it goes into foreclosure... will she owe the difference then in taxes?