I can negotiate a short sale for you, even if you have never missed a payment! I forgot to mention in my other answer that there are lenders out there that will loan again immediately for a borrower who had to do a short sale but never missed a payment. There are rules to being able to buy again immediately, at the minimum you could purchase again in 1yr.
Realtor Since 1996
Short Sale Expert
If your home mortgage is a Jumbo Loan that is over $500,000 that is upside down, I can help. Message me and I'll show you how to drastically lower your mortgage, keep your property and not damage your credit! This is not a sort sale or loan modification. This is a "residential back-flip" and has been done commercially for quite awhile but now we are expanding a service that specializes in residential properties.
You must meet the following Criteria:
Owner is upside down but desires to keep property
Primary Residence only
Non-Conforming Loans (Jumbo Loans) only Starting at $500,000 up to $5,000,000
Owner not be in default and meets credit and income requirements
I hope this helps!!
Albert Marrujo Jr
Call me at: 1-559-731-6497
E-mail =: firstname.lastname@example.org
Tax consequences need to be addressed to your trusted tax adviser.
Also, talk with a real estate attorney. This is suggested all the time for good reason, they are on the forefront of what is happening now and what may come up in the future.
After you get information from those two you may have an idea which way you want to go;
1) Modifiy again
2) Short Sale
3) Deed in lieu of foreclosure
Good luck to you.
I have done tons of short sales, feel free to contact me anytime if you would like more information about doing a short sale for your home.
Have a great day,
Heather Paul, Realtor
Coldwell Banker Residential Brokerage
(310)586-0364 or (424)625-1037
In a short sale, the servicer allows you to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage. or deed-in-lieu of foreclosure With a deed-in-lieu of foreclosure, you voluntarily transfer ownership of your property to the servicerâ€” provided the title is free and clear of mortgages, liens, and encumbrances. Generally, if you make a good faith effort to sell your property but are not successful, a servicer may consider a deed-in-lieu of foreclosure.
You may be eligible to apply if you meet all of the following:
* You live in the home or have lived there in the last 12 months.
* You have a documented financial hardship.
* You have not purchased a new house within the last 12 months.
* Your first mortgage is less than $729,750.
* You obtained your mortgage on or before January 1, 2009.
* You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
If you wish to call me I can go over your situation. I am a CDPE (Certified Distressed Property Expert) and a CHS (Certified HAFA Specialest).
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
Accredited Buyer Representative|Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified
I want you to know that I appreciate any referrals from friends and associates who may be in the market to buy or sell real estate. You can count on me giving them the same high-quality service I provide to all of my clients.
FTC DISCLOSURE: Coldwell Banker Residential Brokerage 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 rating.
NOTE: Short sale has less of impact on your credit scores than a foreclosure
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
With a short sale, these issues can usually be worked out so you don't have a problem later. If you would like to discuss your situation in detail, please contact me.
Sorry to hear that your loan modification did not work out. I recommend that you speak with your licensed Accountant. They will be able to help you determine if your current loan is a Recourse or Non-Recourse loan. Determining which type of loan you have will determine any tax implications and liability to the Lender you will have. You can also consult a Licensed Attorney who speciaIizes in Real Estate Law to answer any legal questions you may have regarding any potential liability on your part. I do not recommend that you just walk away from your home. Speak with a Licensed Realtor who has experience in selling a home in your neighborhood using the short sale process. Your credit will not take as big a hit by selling the home as a short sale and you could be in a position 2 to 3 years after the sale on your current home to buy another home. If you walk away and the home is foreclosed you will have to wait 4 to 7 years (closer to 7 years) before you could be in a position to buy again. Good luck!
In some instances, California allows for deficiency judgments. This means the lender can come after you for part or all of their loss on the property. But as California likes to make it complicated, this question needs to be answered by an attorney.
Have you discussed with your lender the option of doing a short sale where they would agree not to come after you for a deficiency? This is sometimes the best option in states where lenders are allowed deficiency judgments.
If you're unable to afford an attorney, contact your local legal aide office.