We are selling our house because we can no longer afford the payment because I am out of a job. We need to sell before it is foreclosed on, mortgage company will not talk about other options and I know they are out there. Does anyone have an idea, please?
2007-06-06 02:14:05 · 6 answers · asked by BOYLE M 1 in Business & Finance ➔ Renting & Real Estate
Your mortgage company will have to approve the short sale, or you will need to come up with cash from elsewhere to make up the difference.
Try calling your mortgage company and asking for the 'workout' department to get your options. If they give you pushback, explain to them that you have lost your job and can no longer afford the house and that you are trying to be proactive in resolving the issue. If they still don't want to talk to you, ask to talk to their supervisor, and their supervisor....
Good Luck!
2007-06-06 02:19:03 · answer #1 · answered by aj485 5 · 0⤊ 0⤋
To get a better understanding of working out a deal with a lender in where the lender takes less than what is owed on the loan (short sale) you might first want to look into the agency set up to help folks that are in similar situations. This will give you direction on how to proceed.
National Home Recovery Program for foreclosures http://www.nhrp.com/
If all else fails, make sure that you get legal assistance to protect your rights, if you can not afford legal assitance you might want to visit this site
Free legal aid search for all states: http://www.lawhelp.org/
I wish you success
2007-06-06 02:49:32 · answer #2 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Short sales work by finding 1. someone who knows about short sales to help you try Shortsalequeen.com. I personally know this lady and you should be able to email her and explain your situation. If you live in the US, she should be able to help you. What a short sale is, someone works with the bank to prevent your home from going to sheriffs sale, they try to buy your home from the bank at a deep discounted rate, usually trying to buy for an investor. This keeps you from foreclosure. if you check out the referenced website i think this will help you. Good Luck!!!
2007-06-06 03:58:49 · answer #3 · answered by gracefully32 1 · 0⤊ 0⤋
A short sale is merely an agreement with your lender to be able to sell your house for less than is owed by you to the lender. Assume you owe $200K in principal and late interest fees. A lender might agree to allow you to sell for $185K, but you will still remain financially obligated to the lender for the $15K shortfall after the sale is completed.
2007-06-06 02:19:27 · answer #4 · answered by acermill 7 · 1⤊ 1⤋
You have to get approval for the short sale prior to selling. Your realtor will have better luck and get a better price then you will. This is part of their job, let them do it.
2007-06-06 02:26:38 · answer #5 · answered by Landlord 7 · 0⤊ 0⤋
If it's too difficult to sell it you can try this way:
At first I think you need help from your families and your friends. Talk to them about your circumstance and persuide them to lend you the money you need. It's not easy but you have to do that!
After that you will have time to get a job and on a fine day you will get enough money to pay for your debt.:-)
2007-06-06 02:35:45 · answer #6 · answered by Nguyen Khanh Tung 1 · 0⤊ 0⤋