Foreclosure in Lambertville>Question Details

Neil, Home Buyer in New Hope, PA

I'm behind on my payments and need to sell my above water home? Where do I start?

Asked by Neil, New Hope, PA Sat Jan 5, 2013

I'm 3 mo. behind on my payments on a 230k USDA loan through BB&T mortgage. This week I was told that I will be a part of cutbacks at my job and that I should start looking for a new one. So that eliminates any chance of digging out of this hole. I think I need to cut bait and try to sell now before this situation gets any worse. I'm assuming I'm in pre-forclosure now.

Prior to learning that I'd be losing my job, I contacted HOPE and my lender and they agreed to give me a forbearance, which ends Feb 1. They also agreed to mail me a hardship packet, twice, and I still haven't received it. But I don't think any of that matters now.

I need to sell my home now and try to mitigate my losses. My question is, do I start by calling USDA or my lender? Should I first get in touch with a real estate agent familiar with USDA loans? Or start by talking to an attorney?

This is my first time trying to sell a home. Any advice or expertise to guide me is much appreciated.

Help the community by answering this question:


If you are having an issue finding agents that specialize in short sales, you can also visit to locate real estate agents that are trained and specialize in short sales.

Best of luck to you!
0 votes Thank Flag Link Sun Jan 6, 2013
Listing your home with a Realtor exoerienced in short sales should be your first step.
In order to consider you to participate in a short sale, the bank will want to see the property actively
marketed on the mls for sale. Your Realtor will then guide you with the next steps.

Remember, short sales require time and patience.
Best with your sitiuation!

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
908.277-1200 office
973-687-7095 cell
0 votes Thank Flag Link Sat Jan 5, 2013
Contact a couple of local agents and interview them. When you find someone you feel comfortable with, list them home with them and do what they tell you. Realtors are professionals, they are experienced in these kinds of transactions and they are your very best asset.
0 votes Thank Flag Link Sat Jan 5, 2013
Neil I have to concur with Ron. The first think you need to do is get it listed. Preferably with someone who understands distressed property situations. Then notify the bank that it is on the market and you are working on getting it sold.
I know a few good realtors in New Hope if you want a recommendation.
0 votes Thank Flag Link Sat Jan 5, 2013
I was really really hoping that was the simple answer, thank you so much. I'll check with one of the realtors in my town and go from there.
0 votes Thank Flag Link Sat Jan 5, 2013
Neil, I am wondering if you have listed your house yet? I have a suggestion for you if you're interested. If so please message me personally.
Flag Mon Mar 11, 2013
You need to LIST the house; familiarity with USDA loans is not really that important.

Have them do a CMA to determine Market Value and price it below that.
If you have positive equity, don't worry about your Lender or the Hardship.

Good luck and may God bless
0 votes Thank Flag Link Sat Jan 5, 2013
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