I am HAFA & Equator approved (BofA's short sale system), so feel free to contact me if you have any other questions. Bill Mota 626) 233-0190
BofA is not going to reduce your principal balance, which is why doing a short sale is your only way out. BofA will not go after your 4plex in MT. We have been successful in also getting BofA to release you have any future liability on the upside down mortgage.
Please email me directly & I can help you to analyze just how upside down you really are & show you how you'll come out very much ahead in the end.
** If the banks WERE really helping the majority of underwater homeowners, there wouldn't still be thousands of people doing short sales or the REO inventory would be slim to none.
Realtor Since 1996
Short Sale Expert
It sounds like you are trying to do a loan mod in California and sell a 4-plex in Montana. I am not sure why you think the refi with Countrywide (now B of A) will impact this scenario.
Here is what I know from experience. Of course, if you are looking for legal advice, then you need to ask an attorney.
Loan Mod - If you have a financial hardship and your loan qualifies for a loan modification, then you have a chance to complete one. Just make sure that submit all the paperwork (even if they ask for it multiple times) and have patience. How will the sale of the 4-plex affect this? Well, if you have equity in that property and it will cure your financial hardship, then you might not be able to get a loan modification.
Foreclosure - If you have only one loan on your home in California and the lender forecloses on that loan through a non-judicial foreclosure (which is the standard way that 99.9% of lender forecloses happen in this state), then that is the end of their right to collect on that debt. California is what is known as a one-action state, and the foreclosure would be their one action. If you have two, or more, loans on the home and the 1st forecloses, then you should be concerned about the 2nd (and 3rd if you have one) coming after you for the amount owed to them.
What to do if you have more than one loan on your home in California - In the case of multiple loans, you would want to consider a short sale. Make sure you use an experienced short sale agent who has actually closed short sales and knows how to negotiate with the lenders. They will work to negotiate with the junior liens to not only remove the lien, but also accept the payment they receive as payment in full on the debt.
No matter what you decide, it is always a good idea to get advice from an attorney, an tax specialist, and perhaps even your financial planner, in addition to interviewing a couple of Short Sale focused Realtors. That way you can make an informed decision. Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
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.
You can do a short sale if the loan modification fails. I have closed short sales with B of A-many. It all depends on what can be worked out with the lender. Your better off doing a short sale and not letting it foreclose as it's less damaging to your credit.
I am happy to asist you with the process and can negotiate the best option for you which is a short sale and not just letting it foreclosure.
Please contact me to discuss and go over the details of your situation.
The Carrabba Goup
Keller Williams Hollywood Hills