Much success to you,
Heather Paul, Realtor
(310)586-0364 or (424)625-1037
Short Sale Specialist
818 921 5111
They won't let you just walk from paying nothing back on a equity loan where you received & spent $135K & whatever. Even if it went into upgrading the property. If say, we had an all cash buyer, you may get them to pay more than 10% as cash contribution, but they're going to want to see a cut in purchase price.
Your Indymac 1st, is a tough cookie, luckily you're not going to short them by that much. Your previous agent has only closed 3 short sales since Jan. 2009. You need to work with an agent with a bit more experience negotiating with Wells Fargo & Indymac on multiple short sales. How do I know this? I'm a good researcher. I also negotiate, successfully,, short sales for homes that are as much as 290mi. away from where I live.
Email or call me directly and I'd be happy to discuss this with you further.
Realtor Since 1996
Short Sale Expert
If you call Wells Fargo, they may work something out with you.Â This process will only delay the inevitable of Wells FargoÂ sending your loan to a collection agency.Â Once this occurs, the agency will get a judgement against you at which time you can make arrangements to pay them back.Â
If you decide to short sale, we have two real estate attorneys on our team who will represent you at no cost to you.Â The attorneys will negotiate with Well Fargo and eliminate the deficiency judgement.Â Â If you need more information, please call our office at 562-907-9900.Â
Typically, I have not seen the second foreclose on my clients, if they're not going to get any money. However, you would need to speak with an attorney to review your note, because very likely they can, if they want to.
If you're upside down on your mortgage and can't afford make the payments any longer, you can do a short sale. This will keep foreclosure off your credit. 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
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.
There are a few options you could consider. You don't say what your home is worth, but if it is less than you owe you could and should consider a short sale. You may be able to negotiate a pay off of the second mortgage at a discount. You may also want to consider bankruptcy. Talk to a good bankruptcy attorney, but you may be able to have the second mortgage changed to a position of unsecured debt and then have it discharged in bankruptcy.
The point is, you have many options and a good realtor/attorney team will always be your best source of advice. However, you must do something or you WILL lose your home.
Wells Fargo is not interested in doing loan modifications. I've had many clients who have good income who've been around the block & back Tryyyying to get Wells to give them a viable loan modification that actually makes sense for the long term.
Please consider taking advantage of the benefits of doing a short sale. The Mortgage Debt Forgiveness Act Expires at the end of 2012. This is where the IRS will NOT go after you & tax you on the negative amount. I can also get Wells Fargo to release their liens in FULL and waive any rights to a future deficiency judgment.
You CAN purchase a home again sooner than you may think after a short sale & build your equity back up from the bottom.
Please email me directly if you'd like to talk about this some more. I won't check back here on this same thread in Trulia for responses.
Realtor Since 1996
Short Sale Expert