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Sherri Ann, Home Buyer in Lanexa, VA

Where do we go when our is foreclosed on?bank turned down Short Sale offers

Asked by Sherri Ann, Lanexa, VA Mon May 28, 2012

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3
When you are foreclosed on, call a real esate attorney.
0 votes Thank Flag Link Tue May 29, 2012
Sometimes banks offer a "cash for keys" program. That's when after the foreclosure the bank's representative comes to your home and speaks to you about leaving if you have not already vacated the property. Sometimes the representative will offer you money to vacate the property and the leave it in good condition (cash for keys). Your bank may or may not offer this program. Have you spoken with a real estate attorney yet about the foreclosure? When is your scheduled forclosure date? You should probably be looking for alternate housing. If you need help in the Greater Williamsburg area, give me a call. I hope this all works out for you.
0 votes Thank Flag Link Mon May 28, 2012
What housing can you get with barely any income? We can't rent a home because we don't have downpayments, etc. We have no savings no monthly income
Flag Tue May 29, 2012
Hi Sherri,

You should not stop trying to do the short sale. Were you working with a realtor? Either way, you need to find one who is familiar with short sales and hire them right away. Look for the SFR (Short sale and foreclosure resource) or the CDPE (certified distressed property expert) designations. You also need to look your home up on http://www.makinghomeaffordable.gov to see if you qualify for a HAFA short sale.

I can't imagine why a bank would turn down a short sale offer unless it was unacceptably low. Many times homeowners are appraoched by 'investors' who are involved in some very questionable practices. The banks will NOT work with these people, however, if the home is listed with a realtor, and reasonable offers are presented and negotiated in good faith, the banks are usually pretty reasonable.

Once the short sale is completed, you will need to find a home to rent, your real estate agent should be able to help you with that as well. We are here to advocate for our clients, whether it is for a sale of a rental. Let us help you.
0 votes Thank Flag Link Mon May 28, 2012
Yes we have a REALTOR with Keller Williams... who listed the house for $110,000.00. We received an offer. The bank countered with $134,000.00. The buyers came back with $115,000.00. Bank said no. Auction date is tomorrow May 29. We have no money... credit is shot. We will be homeless.
Flag Mon May 28, 2012
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