I have a short sale processing company and we process short sales for Realtors, Attorneys, and other Title Companies. We can process your short sale and use our strategies to get the balance of the debt forgiven. We can design a plan to sell your property via short sale to include a good exit strategy from your loan.
If you talk directly to the bank and do not explain in a strategic way why you want to exit out of this property, they will try to get money from you and or give you a deficiency at the end because they know you are selling because you are not making money off the short term rental and because the property is upside down.
Let me know if we can be of assistance.
Partum Services LLC.
Short Sale Processing Services
Business Development Manager
Real Estate Broker
Certified SFR Short Sale and Foreclosure Resource
O: 407.373.0063 | P: 407.301.3401 | F: 407.373.0064 | eFax: 407.264.6260
A: Main Office: 13538 Village Park Suite 260 | Orlando, FL | 32837 USA
Behind The Ale House in Hunter's Creek
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
1). Letter of request for a Deed in Lieu
2). House current occupancy
3). House past occupancy
4). 2010 tax return plus W-2 and 1099 form (if any)
5). Copy of incorporation paperwork
6). Pay stubs
7). Bank statement
8). Title cleared - currently in the name of McHale Partners - they want just my name on the title
9). HOA fee schedule
I then told her that I was going for a Short Sale and not a Deed in Lieu. She told me that it was her mistake and that they would be closing the file for the Deed in Lieu and sending the file to the Short Sale Department. Agian, pretty odd as I have never mentioned a Deed in Lieu to anyone at Chase. My original question concerning Deed in Lieu on this board was just that - a question. She commented that it looks like the house has been for sale for a year and that the last BPO is out of date and of no value.
She did say that I needed to clear the title before Chase would do anything with the request. I was told that I would need to re-submit all the Chase Short Sale paperwork as noted on the web site (which I submitted in early March). She commented that I would be expected to contribute to the mortgage since I have a signifcant amount of money in the bank. I told her I had $14K in the bank and do not consider that a significant amount. She said it was enough to make some payments (comment noted).
This is an investment home (see back ground information in the question I posted). She said that Freddie owned my loan and they consider market value to include 3 sold properties within a mile of the house or within the same community. Do you think we can justify a sale $130K to $145K based on recent sales in the community? Hopefully my Realtor will be able to justify the listing price and/or whatever it sells for...
My questions is this - would I have been better off going for the Deed in Lieu or Short Sale?
In direct answer to your question, my answer would be why should they? You have not made any case for a hardship, just a case for either a bad investment or a bad business plan. Investing in real estate is just like investing in the stock markets. Let's say you bought a stock or mutual fund and it's value fell $100,000. Would you go back to the broker who sold it and ask for your money back? Sorry that your investment has not worked out, but that is the nature of investing. The value of your investment can go up or down.
If you have only missed one payment thus far you have quite awhile before a foreclosure and plenty of time to find a buyer at market values and get a short sale negotiated. Keep pushing towards this goal.
You and your agent are welcomed to come join us at http://ShortSaleSuperStars.com We have almost 6,000 members helping each other muddle through the short sale maze. We have a group set up specifically for Chase that may help you in your situation. There is no cost. We'd love to have you.
Good luck to you. Keep pushing toward the goal...a successful short sale
I am sorry to hear that your home had been listed as a short sale and not sold the first time around. Typically when a short sale home is listed at the right price, and the paperwork is filed at the Bank's loss mitigation department properly right away after the listing is placed on the MLS, the property is typically sold easily. They may take 3-4 months, although they are happening somewhat faster now, but it should not have been the headache that you are experiencing. Sometimes agents that are not really familiar with the short sale process take on listings that they shouldn't have, and that can result in improper price placement, etc. We have listed and sold many short sale properties, and we always make sure that the home is priced at the best value, but not under valued, so the bank can see a good effort is being put forth, and then do a $5,000 price reduction every two weeks until it receives an offer. If you feel confident that the agent you are working with is experienced in closing short sale homes, then maybe suggest doing a price reduction every two weeks until you get enough activity to get an offer. As far as doing a Deed In Lieu, it would be better to be able to get the home short saled completely, as with a short sale you will be able to buy another home in 2-3 years, as opposed to a foreclosure where it takes about 5-7 years to qualify. A Deed In Lieu is somewhere in between that timeframe. Please let me know if you want me to look up your listing to see if it is priced appropriately for the area to sell. Typically if a short sale is being handled properly, selling it should not be a problem.
Thank you! The McDonah Team - email@example.com
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.