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Vas, Home Owner in Staten Island, NY

Tried short sale (offer wasn't approved after 1.5 years), what are my other options?

Asked by Vas, Staten Island, NY Fri Jan 17, 2014

I have a home that recently got the short sale denied prior to the new year. I have been in this process for 1.5 years now and am getting tired. I moved out of state for work due to the nature of my job but will be moving back in 18 months. I have a rental property in Pennsylvania that has equity. The Staten Island home is under water due to a second mortgage.

Personally, I'd like to just do a Deed-in lieu but I don't know how realistic it is. I have an attorney who doesn't provide much input. I'd appreciate any info anyone would have for me.

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7
Deborah Bracco-718-619-5701’s answer
I just closed on a short sale that took about 9 mos. including bank approval, appraisal, buyers mortgage approval etc., I worked with someone who is an expert in short sales and it wasn't a simple one..had its share of problems etc., yet successful. Call me at 718 619 5701, maybe we can help you!
0 votes Thank Flag Link Sat Jan 18, 2014
Get yourself a new attorney. You can also call the bank and see what your options are as far as a deed-in-lieu. I've seen cases where the second lie holder accepts just several thousand dollars from you to satisfy that loan and then you can continue with the first mortgage.

You just have to see what your options are, but the #1 thing is to make sure you got the right people working for you. Even on a short sale transaction, if it has taken a year and a half just to find that your offer was rejected, you're not working with the right people.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
3 votes Thank Flag Link Sat Jan 18, 2014
Q for the deed-in-lieu ... What happens is I don't have "several thousand" for the 2nd lien holder? Is there a way around that? At this point I just don't want the property anymore.
Flag Sat Jan 18, 2014
Neal is right. Values on si have increased in the last year and a half. I am a local realtor that can help you. The attorney that I work with is a short sale specialist. I would be happy to come take a look at the home to help identify what the property is worth in the current market place. You can reach me at 718-690-4372. Feel free to check out my profile on trulia to see what my previous clients and customers have said about me. Thank you!
1 vote Thank Flag Link Sat Jan 18, 2014
If your attorney is not helpful, why not simply consider hiring another....
0 votes Thank Flag Link Sat Jan 18, 2014
18 month sis unheard of these days. There are approvals in 4-6 weeks lately. With 2 mortgage sit is harder but not impossible for 60 day answers. You need a listing agent willing and able to handle a short sale. They should use a professional r. Within 2 weeks of an initial call to your bank, the bank should have assigned negotiator on their behalf and ordered a BPO. The negotiator YOU hire works for you and works with the banks negotiator. If it takes longer something is wrong and not being processed properly.
0 votes Thank Flag Link Sat Jan 18, 2014
There are MANY reasons a short sale can fail, some of which are beyond your control.
FOR INSTANCE:
1. The investor believes you have $100,000 in a sock drawer and they believe it only fair you give it up instead of then taking the hit. After all, you did reveal you DO own other property and COULD pay your debt. "Do you think your assets are invisible?"
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2. The attorney you paid the $2,5000 short sale fee knows the bank will not approve the attorney's $5,000 negotiator fee but does see $7,5000 available to help you navigate through a bK.
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3. If a court appointed trustee is involved they can impede progress because they know THEIR real estate company will eventually inherit this property and be purchased by the trustee's investor associates.
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4. Bank of American, Wells Fargo, and Chase are dysfunctional.
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Have your REALTOR reveal where the problem exists and create a solution. As you can see, in some circumstances a solution does not exist...you have fallen into a trap.
0 votes Thank Flag Link Sat Jan 18, 2014
I would get another Competitive Market Analysis done by a local Realtor. You might find that in the last 1-1/2 years the value has gone up, and you no longer have to do a short sale.
0 votes Thank Flag Link Fri Jan 17, 2014
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