Foreclosure in Tucson>Question Details

Arizonamom, Home Owner in Tucson, AZ

Freddie Max denied our short sale due to our hardship not impacting us in the long term. What would our next steps be, if any?

Asked by Arizonamom, Tucson, AZ Thu Aug 25, 2011

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Do you mean Freddie Mac? Speak with an attorney about what your options are, you do need a "hardship" to get a short sale approved.

Best of luck.
0 votes Thank Flag Link Wed Aug 31, 2011
Hi Arizonamom,
Maybe just keep the house, make the payments. After 30 years or so it will be paid off. Good Luck
0 votes Thank Flag Link Thu Aug 25, 2011
I would talk with an attorney to see this type of advice.
0 votes Thank Flag Link Thu Aug 25, 2011
Agents and others should refrain from giving advice in this type of situation where the full financial facts are not known. We don't know who prepared the SS package or if is correct. Did the preparer have an accounting background? Contact a real estate lawyer and get proper advice on you short sale. I can think of a number of situations where you might be rejected for a short sale if the financials presented to the bank were not done property or missed ongoing cost, health costs, expense of litigation, etc. You really need to seek professional advice and not assume the short sale package was properly prepared if you only used an agent or did it yourself..
0 votes Thank Flag Link Thu Aug 25, 2011
Contact people/office that rejected your application for short sale and ask for procedures to review/challenge their decision. If this does not work see a real estate attorney.
George in Tucson
0 votes Thank Flag Link Thu Aug 25, 2011
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Call us: Hugh Rowley 520-282-2023.

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0 votes Thank Flag Link Thu Aug 25, 2011
We did submit an offer from the get go and it was a cash offer. Wells Fargo during the process counter offered but they were asking us to come up with money we did not have. We told them we could contribute 2K to closing and after a couple weeks we were told we were denied.
0 votes Thank Flag Link Thu Aug 25, 2011
Please give us a call. I think we can help you close this short sale. We have closed many with Freddie Mac.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states

MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Thu Aug 25, 2011
HI Arizona Mom,
Did you have your home listed and did you present your lender with a purchase contract? We have had Short Sales Close where the person was upside down but not a hardship.
Web Reference:
0 votes Thank Flag Link Thu Aug 25, 2011
Thanks Ron.
We do have a 2nd and a home improvement (pool) loan. So I know it complicates everything. Would it make any sense to resubmit or just face the reality that we will be foreclosing?
0 votes Thank Flag Link Thu Aug 25, 2011
1.) Offer the Lender the DEED-IN-LIEU, whereby you give up the house in a voluntary foreclosure and walk away. Arizona is listed as a Non-Recourse State, so you shouldn't have to worry about a Deficiency Judgement. I would hope that you do not have a SECOND on the house as that could complicate things.
This will not hurt your Credit as badly as a FORECLOSURE.
2.) Go through a formal Foreclosure.
3.) Try to make it through; keep making your payments and pray the value rises. If you can afford the Monthly payments; just compare what rent would be for you, and don't worry about the negative equity. You will at least have your house, your pride and your good Credit years from now.
4.) Rent out the house, take a monthly loss, and move somewhere else. (I don't know what this will accomplish, but it is an alternative.)

Good luck and may God bless
0 votes Thank Flag Link Thu Aug 25, 2011
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