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Charlie.meyer, Home Buyer in

Advice for Short Sales being denied because of income...

Asked by Charlie.meyer, Mon Jun 11, 2012

My hardship was unemployment; I found work in Texas and relocated. My wife stayed behind for two years and tried to sell the home unsuccessfully. Our home value has dropped over $20K in the past two years and we have been trying a short sale since the beginning of 2012. We were denied a short sale with BOA and Fannie May because we were current on our loan. We have two buyers willing to purchase the Short Sale home today, but the lender will not look at our file until we are 30-60-90 days behind.
My wife has finally joined me in Texas and our Charlotte home is now vacant. I am the only one on our mortgage in CLT but I fear that our joint tax return will make it appear that we make too much money for the home to be sold as a short sale. Any suggestions on the best ways to push one of these sales through with the bank? We clearly are not coming back and only falling further behind on our mortgage in this home. The next step is foreclosure, which seems like a silly offer with two buyers

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CFS Mortgage,, has a flexible loan program. They allow a mortgage after a foreclosure, short sale, or chapter 7 bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
0 votes Thank Flag Link Sun Jul 28, 2013
Cut a deal with the lender to make payments on all or part of the deficiency.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Thu Jun 14, 2012

You definitely need to find a very experienced short sale agent. Short sales are definitely not for just any agent. I do not cover Charlotte but, I do a lot of short sales as part of my business. Bank of America uses Equator which is a web based asset management system. Actually if you are now behind in your payments Bank of America will be contacting you to ask about short sales or your options. Bank of America keeps a list of experienced Realtors® that have done short sales with Bank of America in the past. The agent has to be registered with Equator (not hard they allow any licensed agent to register). However working short sales is a time consuming process that unless the agent knows what they are getting into are likely to not follow through with the bank and the client as much as is needed.

I will end by saying if you loan is owned (the investor) by Fannie Mae, they are tightening up the amounts they are wiling to take for a short sale. The days of giving away homes are coming to a end. Fannie Mae and Freddie Mac are sticking to market values on homes.

Hope this helps,
0 votes Thank Flag Link Thu Jun 14, 2012
Good evening, Charlie:
Are you sure you cannot sell your home for what it is worth? It may be that the two offers you have are lower than the market. I would first take a look at the comparable sales and see what list price would make sense. If you have to go to a short sale because of a temporary hardship that no longer exists and you have a significant income, you might need to come to the closing with some cash. If so, it might make sense to consider leasing your home with a professional manager. We handle a lot of short sales and work with an attorney who negotiates short sales (including sellers who were current on their mortgage) with great success. If you go to short sale, I'd suggest you have an attorney take another look at your file and advise. If you appreciate an answer, please give "thumbs up". For the most helpful answer, please say thanks with a "best answer" click.
0 votes Thank Flag Link Wed Jun 13, 2012
I would try again. Give me a call. I've had success with this kind of short sale..704-392-0559
0 votes Thank Flag Link Mon Jun 11, 2012
I am a CDPE (Certified Distressed Property Expert) and have a lot of short sale experience. I have worked with Bank of America on numerous occasions getting short sales closed. The most important part of the process is submitting the package. There are letters of explanation from you the borrower, from me the agent, along with all the documents that they need that allow the bank to understand the full picture.

Some banks do require the homeowner to be behind on payments, some banks do not require that. It would be my job as your agent to make sure we are clear on the process and can submit a package that can be approved.

Give me a call 704-906-6447 or shoot me an email and let me help you!
0 votes Thank Flag Link Mon Jun 11, 2012
Hi Charlie,

For a Short Sale to be approved, you have to have a provable financial hardship - which you do, you relocated (out of state) for employment. You DO NOT have to be delinquent to get Short Sale approval. I have had several Short Sales approved without the seller being delinquent. Hire a Realtor that has closed several Short Sales (look for CDPEs - Certified Distressed Property Experts - which you can Google).

Good luck.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Mon Jun 11, 2012
Hi Charlie!

I am sorry you are having some challenges. I would love the opportunity to speak to see how I can assist you. I am an Agent who is Certified in Short Sales. I also work with an Attorney and all he does is work to negotiate Short Sales! The Attorney is an excellent resource.

I would love to schedule a time to speak and I would love to get my Attorney on the phone too. I always believe there is a way to get things done and if there is a way, I will most certainly do everything in my power to assist.

Look forward to hearing from you!

Debra M. Buck
704-421-2107 Cell
0 votes Thank Flag Link Mon Jun 11, 2012
Call me...I deal with short sales all the time and can help you through this process. I beleive based on what you have written that you will qualify for a short sale and i can help you get it approved and closed

Dave diCecco
0 votes Thank Flag Link Mon Jun 11, 2012
Perhaps you might consider renting the property?
0 votes Thank Flag Link Mon Jun 11, 2012
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