Foreclosure in 20744>Question Details

Matt, Home Seller in 20744

Iam a self employed contrator marrierd with a small child and my wife works parttime at a restaurant. due to the economy we have had two trucks and a

Asked by Matt, 20744 Fri Nov 13, 2009

car repossessed and are now facing foreclosure. I am trying to do a short sale with Chase and they are unresponsive. Should I do a deed in lieu of foreclosure

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4
Matt,

I would suggest that you contact a realtor knowledgeable in short sales. I happen to be working on two right now,. They are very time consuming and lengthy but in most cases stop the foreclosure.

Cathy McGarrigan, GRI
Long and Foster. - 301-292-0700
0 votes Thank Flag Link Mon Nov 16, 2009
Matt have you tried saving your home through a loan modification???? There are several org that will assist you in this route. If you'd like to stay in your home, you may want to try this route before giving up your home all together. As both a deed in lieu and short sale will force you to ultimately have to move elsewhere.
Web Reference: http://www.alqamarmalik.com
0 votes Thank Flag Link Mon Nov 16, 2009
If you have just one mortgage and reside in the home, the bank may do a deed-in-lieu, but generally, they are not.
At Chase, they are responsive if you are dealing with the loss mitigation department and have submitted an offer to purchase, contract, proof of funds for the buyer, and all of your financial information required for a short sale or loan modification. For loan mods, Chase is taking at least 8 months now to get a decision...for short sales, it is about 4-6 months. You need to write a powerful hardship letter...it needs to be very honest and to the point.
If you have specific questions, email me at thinz@apexgroupus.com for help - or go to my web faq page for additional info on short sales.
0 votes Thank Flag Link Fri Nov 13, 2009
Are you working with a REALTOR? If you had someone on your side that has experience dealing with the bank, you might have better results. However, I have personally found the short sale business very difficult. I think that Deed in Lieu might be easier, however, I am not sure of the legal ramifications. I would seek legal & financial advice before I signed my house over. I would also ask the bank what happens next...will they file a deficiency judgement against you for the difference in what they collect for the property and what you now owe? Or since you are making the foreclosure process much easier for them and less costly, will they work out a better deal for you? Make sure that you get everything in writing from the bank and that you know what your responsibility would be (if any) once they take possession of your property.
Web Reference: http://www.tinabeasley.com
0 votes Thank Flag Link Fri Nov 13, 2009
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