Foreclosure in Van Nuys>Question Details

Help, Home Owner in 91405

I have an 80/20.1st w/Chase for $423,200.2nd w/Franklin Credit for $95,273.My home is worth $300,000.Loans are fixed for 5 more years.Any suggestions?

Asked by Help, 91405 Thu Feb 24, 2011

I have been given the advice to walk away now. I would like to stay if possible. I am current on payments and have a good credit score.

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16
I would def. consider a short sale. You might be eligible for some relocation assistance as well. Please call me or my team to help you with this. Thanks!

Roy Lhanie
Realtor, REO Specialist "House Sellers” Team
Re/max Grand Central
18946 Ventura Blvd, Tarzana CA 91356
P: 818-642-3449
Roy@myhousesellers.com
http://www.RLProperties.net
http://www.Myhousesellers.com
DRE: 01854551
0 votes Thank Flag Link Mon Jul 23, 2012
What is your interest rate on both loans ? Did you try modifying your loan or want to short sale your home and buy another home at today's market prices ? Debbie
0 votes Thank Flag Link Fri Feb 25, 2011
Oh yes, forgot to mention. You won't be able to sell to a family member & then do a lease back. But you can sell to someone who is not a family member and still do a leaseback, it's just a matter of disclosure to the bank up front.

Please email me if you have any questions/concerns about this. I won't check back on this same posting for new answers.

EmilyKnell1@yahoo.com
562-430-3053 cell
Realtor Since 1996
0 votes Thank Flag Link Thu Feb 24, 2011
You should do a short sale. What's the point of paying over $500K for a home worth $300K? People like to save money. I bet you still get excited to buy something on sale even if you're saving $2. Or buy 1 get 1 free on whatever at the grocery store. You should be standing up & shouting "me me me, pick me, I want to save over $200K!!"

You CAN do a short sale without ever missing a payment. If you're current on all your other obligations the credit hit isn't that bad.

You CAN purchase a home again immediately after doing a short sale provided you don't miss any payments.

You CAN do a short sale & not get a Deficiency Judgment in the future.

The IRS Mortgage Debt Forgiveness Act EXPIRES 12-31-2012.

My team has negotiated over 500 short sales. It's extremely important to choose an agent who can show you proof that they are CLOSING multiple short sales. A short sale is a whole different ball of wax than a traditional home sale.

Please email me if you have any question / concerns. I list & sell short sales successfully within a 300mi. radius of where I live.

EmilyKnell1@yahoo.com
562-430-3053 cell
Realtor Since 1996
0 votes Thank Flag Link Thu Feb 24, 2011
If you are upside down on your mortgage you should short sale. Why would you want to stay and continue to pay over $500K, plus interest, on a house worth $300K? It's better to short sale, clear your slate, save some money and start building your wealth again.

We are a professional short sale service and would be happy to explain the process to you. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
0 votes Thank Flag Link Thu Feb 24, 2011
This might answer your question.
Affidavit of "Arm's Length Transaction" Notary
Pursuant to a residential purchase agreement ("Agreement"), the parties identified below as "Seller(s)" and "Buyer(s)," respectively, are involved in a real estate transaction whereby the real property ("Property") referenced below will be sold by Seller(s) to Buyer(s). Property address:
("Lender") holds a deed of trust or mortgage against the Property.

In order to complete the sale of the Property, Seller(s) and Buyer(s) have jointly asked Lender to discount the total amount owed on the loan which is secured by the deed of trust or mortgage. Lender,in consideration for the representations made below by Seller(s), Buyer(s), and their respective agents, agrees to a short sale on the express condition that Seller(s), Buyers, and their respective agents (including, without limitation, real estate agents, escrow agents, brokerages and title agents) each truthfully represents, affirms, and states as follows:
1. The purchase and sale transaction reflected in the Agreement is an "Arm's Length Transaction," meaning that the transaction has been negotiated by unrelated parties, each of whom is acting in his or her own self-interest, and that the sale price is based on fair market value of the Property. With respect to those persons signing this affidavit as an agent for either Seller(s), Buyer(s), or both, those agents are acting in the best interests of their respective principal(s).
2. No Buyer or agent of Buyer(s) agents is a family member or business associate of the Seller(s) or the borrower(s) or the mortgagee(s).
3. No Buyer or agent of Buyer(s) shares a business interest with the Seller(s) or the borrower(s) or the mortgagee(s).
4. There are no hidden terms or hidden agreements or special understandings between the Seller(s) and the Buyer(s) or among their respective agents which are not reflected in the Agreement or the escrow instructions associated with this transaction.
5. There is no agreement, whether oral, written, or implied, between the Seller(s) and the Buyers and/or their respective agents which allows the Seller(s) to remain in the property as tenants or to regain ownership of the Property at any time after the consummation of this sale transaction.

Sincerely,
Ripsi Yepremyan
Dilbeck Realtors
Tel. 818.522.0660
DRE #01488880
http://housesaleinfo.com
Web Reference: http://housesaleinfo.com
0 votes Thank Flag Link Thu Feb 24, 2011
Help,

Any 1 who financially qualified can purchase your home once it listed as short sale on mls. There are a couple of questions on the disclosing form that you have to make prior to Bank accepting the purchase offer. Bank may choose to reject the purchase due to "arm-length" issue. Research more on it if you want. And all the transfer back and forth you suggested sounds hanky panky to me. I will be very SHOCK to see if any 1 who are willing to stick their neck out to advice you on that.

Now let me tell you about this 1 lady I knew. She was 400K upside down, walked, and asked her dad to purchased a cheaper home for her, she lives there currently under the impression that when her dad "pass away" she will inherit the house. The only problem is: her dad looks pretty healthy to me .. he may be around for another 20years :)
0 votes Thank Flag Link Thu Feb 24, 2011
I forgot to answer your question: ----The way I'm starting to see things, what good is great credit if I can't refinance or purchase a home anyway?

You can't refinance because you have no equity on the property but 24 months after the short sale you you can buy a house if you have a good credit. Doesn't it mean it's better to do a short sale and keep a good credit other than go to a foreclosure?

Sincerely,
Ripsi Yepremyan
Dilbeck Realtors
Tel. 818.522.0660
DRE #01488880
http://housesaleinfo.com
Web Reference: http://housesaleinfo.com
0 votes Thank Flag Link Thu Feb 24, 2011
Please call me at 818.522.0660 for details.
Sincerely,
Ripsi Yepremyan
Dilbeck Realtors
Tel. 818.522.0660
DRE #01488880
http://housesaleinfo.com
0 votes Thank Flag Link Thu Feb 24, 2011
Is it possible for a family member to buy my house in a short sale?
0 votes Thank Flag Link Thu Feb 24, 2011
This is so stressful but that's the reality. For sure you don't want to walk away if you would like to keep your credit in a good standing. I had many clients going through the same problems and eventually they chose to do a short sale. Some of them delayed on making a decisions to start the short sale process and lost their houses in foreclosure. If you have a good credit at least don't destroy it. Your loan is fixed for 5 years and in this type of situation you can't refinance to a fixed rate. We don't know where interest rates would be in 5 years. If rates go up you will be paying even more and no clue if the price on the house would go up or down. I my opinion the best choice would be doing a short sale now. Short sale won't affect your credit much and you might be able to buy another house after while.
Start by getting comps for your property. I'll be happy to send you comps but if you would like to do it yourself please visit http://housesaleinfo.com and choose your area.
Please contact me at 818.522.0660 and I'll be happy to help you.

Sincerely,
Ripsi Yepremyan
Dilbeck Realtors
Tel. 818.522.0660
DRE #01488880
http://housesaleinfo.com
Web Reference: http://housesaleinfo.com
0 votes Thank Flag Link Thu Feb 24, 2011
I have started to look into Home Modifications, but I'm trying to be realistic. Most of these don't go through, and I'm probably only going to delay the fact that I will wind up having to do a short sale or go through foreclosure eventually. My payments will go up drastically in 5 years, and I'm just trying to come up with a plan now. What if I have a family member that can purchase a 2nd home for around the price that my house is worth now? I could live in that house and pay the mortgage, which would be far less that the $3200 I'm paying now (not including taxes or insurance). Would it be possible for my family member to then sign over the house to me a few years down the line? The way I'm starting to see things, what good is great credit if I can't refinance or purchase a home anyway?
0 votes Thank Flag Link Thu Feb 24, 2011
I don't know if you are aware that majority of homeowners are in the same boat as you are. 40%-50% off from peak is typical every where. If you have financial hardship then yes, by all means, look into established programs to find a solution. If not then join the mass. It will come back. I am on the other hand averaging down by buying more. Hell, if it is going to take 5 more years to break even then so be it.
0 votes Thank Flag Link Thu Feb 24, 2011
Hi,
You can try to modify your loan thru the HAFA Program, however, the modifications work when you can prove income. Short sale is less damaging to your credit than foreclosure. You can also try to call the bank directly to see if they would be willing to work with you. If I can be of assistance, please call me directly to discuss further options.

Liliana Alfonso
Dilbeck Real Estate
818-414-0396
liliana2sell@gmail.com
0 votes Thank Flag Link Thu Feb 24, 2011
Hi there. Who gave you the advice to "walk away"? If you want to stay and are able to make the mortgage payments then you can choose to stay. I'm assuming that you may have purchased the property in the last few years? If you have a hardship (decrease in income or job loss, for example) then you might consider a Short Sale. Visit my websites http://www.DistressedHomeOptions.com and http://www.Short-Sale-Vs-Foreclosure-Help.com for FREE information. Feel free to contact me. I specialize in Foreclosure and Short Sales in your area. Good luck.

Sara Mehrpouyan CDPE
Rodeo Realty
Direct: 818-903-2040
Email: smehr818@gmail.com
Dre Lic#01712757
0 votes Thank Flag Link Thu Feb 24, 2011
This is a tough situation. If you want to stay, keep making your payments and stay in the house. Keep in mind that your payments far exceed the rental value of the property...probably something like at least $3,000 a month mortgage and $600 a month for taxes and insurance. If its worth $300k, you could rent something for maybe $2,200 per month. Your home is about 200k underwater, and your excess payments add to that every month. The only advice I can give you is to consider a loan modification, and if that doesn't work, pursue a short sale. If you want to discuss further, don't hesitate to call.

Richard Schulman
#1 Listing and Selling Agent
Keller Williams Realty
schulmanrd@yahoo.com
310-482-0173
0 votes Thank Flag Link Thu Feb 24, 2011
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