Foreclosure in 27707>Question Details

Jamesrhem, Other/Just Looking in 27707

My home has major foundation problems. The floors have a serious pitch in angle. I have MS which makes it hard to walk on level surfaces. I need out.

Asked by Jamesrhem, 27707 Thu Nov 5, 2009

I am concerned about my personal safety among other things. Just taking a shower or washing dishes...etc is a hazard. I pay my bills. I really don't care about my credit. I just need out. Is foreclosure an option? Can I just walk away?

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I think the RE agent that mentioned the deed in leiu of foreclosure option, hit the nail on the head. Instead of trying to solicitate business from this man with poor health & foundation problems, that agent simply answered the exact question the gentlemen posed, and even offered a 2nd very viable option for this man. I just happend to be browsing, and saw the negative remarks from the other agents, and my curiousity got the best of me. Reading all the answers, this agent," 'TIM' and the lender from Charlotte, gave the best answers to the acutal question posed, based on the extremely limited iformation that was given. Obcviously, not enough information has been given to be sure a deed in lieu is the best option, but James said "he wanted to walk away". The advice the agent gave "to call the lender" was very, very responsible advice. And the best advice in this whole thread. The advice about a short-sale, was not bad advice, per se, but a short sale would only apply if the gent owed more money than the home is worth. While that may or may not be true, simply because his floors are unlevel does not let anyone know the value of his home, and his loan balance was never mentioned, so a short-sale is is not nessecarily an option, and that agent therefore did not answer the gentlemans question. I saw nothing in the deed of forelosure answer that made me think that agent "felt poorly abut his profession", or that anyone else should apologize for. To the contrary, the community guidelines for Trulia expressly prohbit the kind of remarks that both Eve and Susan made against the agent that had the eyes to actually read the question posed, and the ability to answer the question without "angling for a listing.' They should apologize "to" that agent, not "for" that agent. I had to laugh when he said there would be "flack". It seems to me this man is both smart and honest. How refreshing! I hope to be moving from TN to take a job at Duke, and when I do, I know exactly which buyer's agent I will call first... the one that actually listened to "James's" question, and gave advice without sounding like a self-serving billboard for the NAR. BTW; My mother has MS, and I used to work in loss mit. for a large national bank.
1 vote Thank Flag Link Thu Nov 5, 2009
James,

Yes, Tim is correct ON SOME POINTS. Yes, foreclosure is an option. Yes, a deed in lieu is also an option. However, his comments about realtors and commission is a slap in the face to his own colleagues. I have walked away from many commission checks for the good of the client and for him to imply otherwise isn't appropriate. As with any career, there are people out there that are only in it for themselves. I do not have that philosophy. As I stated before, this forum does not allow all the options to be reviewed by a 10 sentence paragraph asking for help and is precisely why I suggested sitting down with someone that could possibly help you, whether or not it is me! Perhaps there is a way to get you out of the house WITHOUT ruining your credit. That option hasn't even been reviewed yet and Tim didn't even touch on that possibility. Most realtors do have a good heart and a true desire to do what's best for the client...even if that means no commission check for the realtor, contrary to what Tim blatantly stated!

Tim, I'm very sorry that you have such a negative feeling about our career! I for one chose this profession to be of service to the public and help them make WISE decisions for their personal situation. Every situation is very different...but without knowing the full details, suggesting a Deed in Lieu as an option wasn't appropriate, in my opinion.

Susan Crawford, ABR, Broker, e-PRO
Triangle Home Crew Team Leader
Keller Williams Realty
919-491-4663
1 vote Thank Flag Link Thu Nov 5, 2009
James,

I want to appologize for the remarks made by Mr. Hock. I think Susan spoke very well for our industry. I had suggested that you sit down with a professional Realtor for the same reasons as Susan, we can not advise you when we are not fully aware of your situation. If everything is current on your home there may be a way for you to get assistance to have repairs made that would allow you to stay in your home. There are loans, organizations that may be able and willing to help you for no fee,grants to help with those that are disabled any number of possibilities. Most Brokers like Susan are very active in the community and thisgives them connections to all types of resources. We sell real estate to put food on our families table and trust me we are not getting rich but the large portion of our industry is out there to enrich the lives of our family, friends and neighbors.

If I could give you one pice of advice it would be to call Susan and let her sit down with you to discuss your personal situation. If you feel that she is not the agent for you pick up the phone and call someone else but I think she may be able to enlighten you to some of your choices.

Best wishes,
Eva Foster
0 votes Thank Flag Link Thu Nov 5, 2009
Hi,

I am sorry to hear that you are having difficulty with your health and your home. Foreclosure should be your last option. Even if you do not care about your credit, having a foreclosure will stay in your record for many years and prevent you from getting a mortgage for at least 2 years.

If you need out of the house because the repairs are too much for you at the moment, look for a way to sell the house. I am not sure about your home's particular situation, but homes are taking a while to sell. and if your house has major issues, many people will be discouraged to make you an offer until the problem is taken care of.

I recommend that you sell that house to a professional investor that has the money to buy and fix the house. That way you can sell quickly and the property will be repaired. I know many people that can do this in your area. Feel free to contact me if you would like to do that.

Best regards,

Andres Gomez
704-488-4296
0 votes Thank Flag Link Thu Nov 5, 2009
Hi James!

I too am sorry to read about your personal situation. As suggested, I think the first step is to sit down with a qualified realtor. There possibly could be many options but without knowing the entire story, and this forum doesn't really allow for the entire story, I can't "suggest" one until I do. For starters, you said you "pay your bills" which implies that you are not behind on your mortgage. If that is true, then a short sale is not an option typically. What are the "major foundation problems" and who has determined that? Have you had a structural engineer to look at it? There are many many more questions I have for you...

98% of my business is done in Durham. Let's sit down and talk. Perhaps we can come up with a solution!

Good luck,
Susan Crawford, ABR, Broker, e-PRO
Triangle Home Crew Team Leader
Keller Williams Realty
919-491-4663
0 votes Thank Flag Link Thu Nov 5, 2009
Hi,
My sister had polio, is coping with post-polio syndrome so I understand your situation and safety concerns. I'm assuming that you cannot afford to fix the home--is that correct? It makes sense to fully understand your options, especially with the house. Have you had a contractor out to discuss what needs to be done and the costs to fix the foundation issues? If you don't repair it but want to sell and the sales price will be considerably less than what you owe, you could consider a short sale that is negotiated with the bank. To do that, you generally need to have a buyer, which means you should work with a Realtor.

Your particular situation is unique for you with special considerations, so it makes sense to talk to someone about it, rather than just going by quick answers on Trulia. Questions and answers will take into account your income and source of income, etc.

Don't hesitate to call me if you want to discuss this.

Vivian Olkin
Keller Williams Realty
919-624-5479
Web Reference: http://CrazyVivHomes.com
0 votes Thank Flag Link Thu Nov 5, 2009
Dear James,

I am sorry to hear that you are having such a hard time. My thoughts and prayers are with you. I understand the frustrations that we are sometimes delt in life and they never seem to be very fair.

The best thing that you can do is contact a local Realtor, if you do not know one then I would be happy to reffer one for you from my network. Sit down and talk with them about all of your options. Maybe a short sale will be an avenue for you. If you do not know what a short sale is, it is a sale of your home for less than what is owed on your payoff. As Realtors we are educated and updated on many processes to help our clients. This option may allow you to get out of the loan without hurting your credit as bad as a foreclosure and may keep the lender from filing a judgement against you for the ballance that is lost when it is sold.

My best wishes for you and I will keep you in my thoughts.

Eva Foster
0 votes Thank Flag Link Thu Nov 5, 2009
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