Foreclosure in Maryland>Question Details

Des, Home Owner in Maryland

Can we do a short sale because of pregnancy? Otherwise the house will foreclose.

Asked by Des, Maryland Wed May 2, 2012

I know the lender isn't responsible for the economy but neither am I. I have been in my home for 7 years, purchased for 430K, now probably would sell for 300K max. We have a baby on the way and the expenses of daycare, etc. mean that we will not be able to afford our mortgage. My family and my health come before my house. I read that pregnancy is not an acceptable reason for short sale. If that is the case, then we will have to just let our house foreclose.

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Dear Des,
Congratulations on your pregnancy. I'm sorry you have to even be faced with such a difficult topic during what should be a wonderful time in your life. There are many factors that can play a factor in obtaining approval for a short sale, and these factors require answers to specific personal and financial questions. In addition the area of short sales is a specialized niche that not all agents should handle. If you decide to interview agents for the possibility of listing your home in a short sale, you want to look for agents having CDPE or SFR certifications (Certified Distressed Properties / Short Sale Foreclosure Resource.) I hold both and would be honored at the opportunity to speak with you directly to offer some direction. Either way, I'd like to invite you to visit and read http://www.arianaloucas.com/whats-a-short-sale.asp
You do not want the home to go to foreclosure for so many reasons. I can provide you a side by side comparison of the differences.
Warmest regards,
Ariana Loucas, RE/MAX
1 vote Thank Flag Link Wed May 2, 2012
Hi Des, Our team has completed hundreds of BOA Short Sales. We understand the process and can answer any questions you may have..call me anytime.
0 votes Thank Flag Link Mon May 7, 2012
I've closed several short sales where the "hardship" was a new family member resulting in an increase in expenses. Find an experienced local short sale realtor to discuss.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Mon May 7, 2012
Thanks for the tips. I am going to make some phone calls Monday to FHA and then BOA. In the past when we have called to inquire about FHA programs, BOA told us that we weren't eligible. We have made all of our payments on time. We have 2 mortgages, the first through BOA, the second through CCO. We currently can make payments, once the baby is born that is when we will have problems, I want to come to a resolution before there is an issue. I hope they will work with us.
0 votes Thank Flag Link Fri May 4, 2012
When you get the opportunity, please visit a special section on my website I have concerning Short Sales then contact me to see if I can help you. I have help over 100 people just like you....
http://www.marylandhomesteam.com/ap.aspx?p=4095&page=Abo…
0 votes Thank Flag Link Wed May 2, 2012
Hi Des, what a wonderful time in your life, marred by a sad situation.

A short sale negotiator may be able to discuss with you what may or may not qualify you for a short sale.

Please let me know if you'd like to speak about this further, and we can figure out whether you would qualify now or if you might qualify later.

Thank you so much.

Sincerely,
Marney Kirk
Keller Williams Excellence Realty
0 votes Thank Flag Link Wed May 2, 2012
Hi Des,

A financial hardship is an acceptable reason for a short sale. If your monthly expenses exceed your monthly income NOW you may be eligible. This is definitely an option you should pursue before walking away from the house as the consequences of a foreclosure can be devastating to your family for years to come.

If you choose the short sale route make sure you have an agent with a proven history of successfully closing short sales. Call or e-mail if we can help!
0 votes Thank Flag Link Wed May 2, 2012
Hi Des,
Congrats on the new baby. You won't know for sure without trying. The reason for the short sale is not the pregnancy, it is the financial hardship caused by the new family member. If your spouse continues to work you cannot afford daycare. If your spouse stays home, you cannot afford the mortgage. I would certainly try.
Good luck,
0 votes Thank Flag Link Wed May 2, 2012
You will have to show the hardship of loss of employment due to childbirth. I would recommend looking in to a loan modification program first. Feel free contact me directly to discuss you options.

Best Regards,

Dale W. Jones
Licensed Maryland "Realtor"
Long and Foster Real Estate

Direct Line (443) 309-9830
Office (410) 398-0660
Fax (410) 392-3904
Email dale.jones@longandfoster.com

Search for homes @ http://dalejones.lnf.com , my interactive web site
0 votes Thank Flag Link Wed May 2, 2012
Des,

Your claim for hardship should not be based exclusively on your pregnancy. There is usually much more to the story. I recently had two married doctors granted a "short sale" because of a change in locations that resulted in only one being employable do to licensure issues. Their sale was approved and the sale executed.

The difference between their situation and yours may simply be that they used the services of an attorney that specialized in distressed sales. By taking the same avenue you too may be able to find a solution without going to the extreme of foreclosure....avoid this option at all costs.

Good luck,

Bill
0 votes Thank Flag Link Wed May 2, 2012
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