Foreclosure in 33907>Question Details

Dan, Home Seller in fla

My house is more than what I have now paid for, would a short sale be the best option for me.

Asked by Dan, fla Mon Dec 15, 2008

My husband maybe losing his job at the first of the year, not sure what to do, but know we won't be able to keep up the payments of 1600.00 a month. His next job will be making much less but of course we'd like to keep the house but don't know where to turn, we just need answers. Please help!

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Hi Dan,

Sorry to hear about your situation. I work every day in Lehigh Acres with families like yours facing foreclosure. You can get free financial assistance. However, the HUD approved housing counseling agencies place 3 requirements on the homeowner asking for help. Good news! You don't have to wait until you can't pay. Call them immediately. It will help your negotiations with the lender if you can minimize future missed payments.

(1) You must be an owner-occupant, occupied, no “walk-aways” or investment properties.

Exceptions: when it is verifiable that the owner’s need to vacate was related to the cause of default (job loss, transfer, divorce, death), and the subject property was not purchased as a rental investment, or used as a rental for more than 12 months.

(Note: Investment property may qualify using other procedures. Property owners can contact me for free confidential help and to find out about their particular options.)

(2) Your mortgage must be in default as the result of a documentable involuntary loss of income or unavoidable increase in expenses. Have your mortgage statement and list of bills when you call.

(3) You must contact a HUD-approved Housing Counseling Agency BEFORE making a commitment to a particular method of dealing with your mortgage or financial problems. Call 1-888-995-HOPE.

You will receive information regarding options and alternatives that you may be entitled to, or which may be available to you -- other than the sale of your property to a third party -- to avoid foreclosure. Write down the date, counselor's name, phone number and email address, even if the counselor says they cannot help you. Your mortgage lender will want this information. It provides 3rd party verification of your financial condition, and confirms your request for government help. Contact me if I can be of further assistance to you.

Best regards, Tom
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0 votes Thank Flag Link Wed Dec 17, 2008
This page is actually all a short sale question and answer page, hope you find it useful!
0 votes Thank Flag Link Tue Dec 16, 2008
Hi there Dan! A short sale may be the best solution for you. There are many ins and outs and quiet a few variables. We are based out of North Florida. Check out the reference below, it should answer all of your questions. Fill out the form and I'll also email out over everything your lender will require from you as well to qualify.
0 votes Thank Flag Link Tue Dec 16, 2008
More and more the lenders are saying to call them, don't wait until you are behind. Also you should consider an attorney; most of the time they will be able to keep in you in the house for up to a year. Short sales are becoming more popular, but more lenders are now willing to do deed in lieu; and even reconfigure the loan.
Call me I have the name of a very good attorney and I can help you with the short sale.
Della Booth, Broker
TIME Realty
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0 votes Thank Flag Link Tue Dec 16, 2008
The best bet is to speak with your lender first, typically, they will not speak to you until you are behind a few months in payments (can you really blame them?). Once you have an open line, make an educated decision from there. You will want to cover all bases... Have you spoken to your Accountant, Lawyer, Realtor, etc. Send me an email if you need additional advice on this topic. We work with many homeowners in your position, and we outsource the mitigation...Rgds, Jay
0 votes Thank Flag Link Tue Dec 16, 2008
They are correct about talking to the lender.....they may be able to give you a couple of different options. Each bank is completely different as some are willing to help and some will not even listen at this point.

If they tell you that a short sale is the way to go then feel free to contact our group as we have completed many of these and can answer any questions you may have.

Good luck.......hopefully they will modify the loan terms for you.
0 votes Thank Flag Link Tue Dec 16, 2008
The other responders are spot on, talking to your lender is a very good first step for you. Getting much of a response before you are delinquent can be quite a challenge these days, but persistence often pays off.
0 votes Thank Flag Link Tue Dec 16, 2008
I also agree about talking with your lender first. They should be notified that things will be changing. Each bank is a little different in how they work. The HUD website is: it does have a wealth of information that maybe helpful to you.

If they will not work out something with you then the next step would be to speak with a Realtor. Should you have any questions about the process feel free to contact me and I would be able to explain the next steps and the process.
0 votes Thank Flag Link Tue Dec 16, 2008
Tina's right. Before thinking of a short sale, you should talk the terms over with your lender. You might be able to come to an acceptable renegotiation.
0 votes Thank Flag Link Tue Dec 16, 2008
Dear Dan,

I am sorry to hear of what happened, you are not alone, please contact US Department of Housing and Urban Developement (HUD) for FREE Counseling and your lenders will also help you. As long as you are willing to confront the problem, you are able to get thru this tough time.

Wish you all the best
Web Reference:
0 votes Thank Flag Link Mon Dec 15, 2008
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