Steve, Home Owner in Riverside County, CA

CALVET Shortsale Bungled by Listing Agent, now Foreclosed, what now?

Asked by Steve, Riverside County, CA Fri Aug 24, 2012

Job loss secondary to disability caused me to stop paying on my primary CALVET mortgage / and 2nd in Oct 2011. My listing agent commissioned a third party to administrate the technical aspects of the shortsale. It appears as though this 3rd party walked away from the process early on after the initial CALVET offer was proposed without following up. The third party lied to my listing agent, stating that I had requested the shortsale process be stopped. The agent admits she should have followed the 3rd party activities more closely. I purchased the home in 2002 and until recently, had a 780 credit rating. Rather than try keeping the home with some sort of a modification, I informed CALVET of my intent to move which I thought would assist in the shortsale negotiation. Oddly, the 2nd mortgage holder has not made any contact with me to collect, beyond monthly statements, I assume, this will not last.

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I'm saddened by your loss and turn of events. You should consult an attorney for any remedies under the law and your listing agreement.

As for others reading this thread. I strongly encourage you to seek professional guidance on short sales from agents that specialize in the process. You do not want to be an agent's short sale experiment. You should also seek agents that are "hands on" with your file. You can easily find professional, trained agents by searching for agents in your area that hold either the CDPE (Certified Distressed Property Expert) or SFR (Short sale and Foreclosure Resource) designations. While not a guarantee of performance, at least these agents have gone the extra step to become familiar with the short sale process.

Byron Lohman, CDPE, SFR, CCIM
Prudential CA Realty
Palm Springs, CA
CA Lic #01272085
0 votes Thank Flag Link Fri Aug 24, 2012
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