Sorry to hear about your situation.
Yes, there is some excellent advice on what a homeowner needs to be aware of in a short sale, including attorneys you can contact on the "Arizona Short Sale Advisory" published by the Arizona Department of Real Estate for homeowners. To view this advisory, click on the Arizona Short Sale Advisory link at: http://www.arizonahomesland.com/forsellersorlandlords.html
If I can help you in any way, feel free to ask.
Jeff Masich, RealtorÂ®
Arizona Homes and Land
HomeSmart Real Estate
Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of-foreclosure
Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like your job, yes employers are checking credit records these days.
Your credit score will be reduced by 200-400 points, short sale a little less 100-200 points.
All forms of foreclosure stay on your credit report for 10 years.
After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure
* Buying After a Foreclosure
The waiting period is 5 years up to 7 years.
* Buying After a Foreclosure with Extenuating Circumstances
The waiting period is 3 years up to 7 years.
* Buying After a Deed-in-Lieu of Foreclosure
The waiting period is 4 years up to 7 years.
* Buying After a Deed-in-Lieu of Foreclosure with Extenuating Circumstances
The waiting period is 2 years up to 7 years.
* Buying After a Short Sale
The waiting period was just upped from 2 to 3 years. However, if a seller does not have a 60-day late pay, that seller may immediately buy another home. It's a reason to stay current on your payments while the home is on the market as a short sale.
In addition to the waiting period, most loans require a minimum down payment of 10% and a minimum FICO score of 680. The home purchase must also be the principal place of residence, not a rental nor a vacation home.
Lastly, most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this stays with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony that carries a major jail term, so be aware.
Unfortunately, the only attorneys willing to help you are likely to be those that will require payment per hour for their services. Because of the large number of homeowners in this same position and the unlikeliness of obtaining huge money judgments from banks, there are no attorneys willing to work for free to help homeowners nor to work on contingency (payment after settlement in court). If you are willing to pay for a quality real estate attorney, contact the Bar Association in Phoenix and have them give you a list of the real estate attorneys in your area.
Knowing that you've already consulted with one attorney, have already had a short sale and were given terms that you cannot accept and are scheduled for foreclosure on June 1, I think that relief, if any, from the State or the Federal government is likely to happen too late to be of benefit to you and your situation at this time. If you cannot get the buyer to help pay the second the money they've requested to complete the short sale nor work with Chase to try to negotiate down the payment amount, then your options are very slender.
As for short sales in general, I would agree that two years ago when short sales were just looming on the horizon, we were all in a state of panic, confusion and chaos. However, two years later, the agents who specialize in short sales and the banks working with us have much more defined "playing fields" and operating procedures. It is not as nebulous or as confusing as it has been in the past, and while we can all offer help, we also know that there are certain banks, such as Chase, who will be unlikely to negotiate.
If you are prepared to pay for an attorney's assistance, contact the Arizona State Bar for a list of qualified real estate attorneys to provide you with assistance.
Grace Morioka, SRES
Area Pro Realty
You should, however, consult an attorney for advise, but using them to negotiate is not favorable. Be prepared to contribute to the loss on the heloc.
Try calling Sean St. Clair with Lassiter Law Firm 480-218-4445 or Adam Buck - 480-603-4988 for legal advise