Foreclosure in Cordova>Question Details

Jackie Walker, Both Buyer and Seller in Cordova, TN

Need to retire. I am underwater at least 30%. Need advice from foreclosure trained Realtor. House was on market seven months.

Asked by Jackie Walker, Cordova, TN Sat Jan 8, 2011

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Hi Jackie,

It sounds like you need an agent versed in short sales, not foreclosure. Please call me at 901-497-1470 to discuss your situation.
0 votes Thank Flag Link Sat Jan 8, 2011

We are a team of local real estate agent in Memphis. Check out our website at

Our course when doing a short sale you do have to compete with all properties on the market so it does take an experienced short sale agent to increase your chances for success. Have you qualified for a HAFA short sale? If you have any questions feel free to give me a call for a free consult.
0 votes Thank Flag Link Sat Jan 8, 2011
Is your choice to remain residing in the property OR move ? To what state? If the market increase in 2011 HOWEVER you not retired stay residing there till you are ready.

If home is undervalue based on mortgage petition the lender for short sale option HOWEVER you won't be able to purchase another home for 2 years.

Confer with CPA on any tax write offs you might have

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sat Jan 8, 2011
Hi Jackie,

Per our response to your last answer, we can help you do a short sale. If your property didn't sell in seven months, we would have advised you to lower your price. Everything sells at the right price. There is definitely a system to getting these short sales closed. We would be happy to explain the process to you and walk you through the steps. 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
0 votes Thank Flag Link Sat Jan 8, 2011
In order to best protect yourself and any other assets you may have, do consult with an attorney who specializes in real estate, before any foreclosure is your property listed with an agent...
0 votes Thank Flag Link Sat Jan 8, 2011
Do you mean underwater as the home is not worth what you paid? Many sellers are in this situation. You could sell the home at a loss and make up for it on your purchase of a retirement home. You would get much more for less money right now.

In order to do a short sale you must have a financial hardship or a change in your life situation which will prevent you from being able to make the mortgage payments. If you have a financial hardship, contact a local agent who does short sales themselves. Ask them to evaluate your situation. The property would sell for it's current market value and the bank will determine whether to forgive the balance of your debt or not - this agent will know the laws in your State.

You may also want to consult with an Attorney regarding your situation and the safest route for you take.
0 votes Thank Flag Link Sat Jan 8, 2011
The question is; Must you sell? If not stay put don't take the loss.
If you must sell contact your lender first also check out this Fannie Mea website
it has the best and most to date information on foreclosures and short sales.
View the videos and read all the information this will better prepare you for when
you talk to your lender or an agent.

Best of Luck,

Thank you,
Bill Carey, Broker/Realtor
Certified Short Sale Seller Specialist
Cell 704-905-0740
Fax 866-343-5945 l

Henderson Properties
Charlotte's Premier Real Estate Company
0 votes Thank Flag Link Sat Jan 8, 2011
You said your home was on the market for seven months. Was it listed with an agent? Have you discussed modification with your bank? Has your agent discussed short sale with you?
Web Reference:
0 votes Thank Flag Link Sat Jan 8, 2011
Is foreclosure eminent? Have you been missing payments? Is a short sale possible, this would require you to be already behind in payments to the bank?
0 votes Thank Flag Link Sat Jan 8, 2011
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