Foreclosure in 76116>Question Details

Ambr817, Home Owner in 76116

our loan company hasn't been helping us to get a loan mod. and now they want to forclose. what is the best way to sell quickly?

Asked by Ambr817, 76116 Mon Aug 8, 2011

our loan company has lead us around for few years as if they were going to let us do a loan modification. They keep telling us we're missing something from the package we send back. My husband redoes the whole thing and resends it and then they say something is missing again. Now they've sent us a letter saying we have to do a short sale or we have to forclose.

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That is almost the norm unfortunately. What you need to do is find an experienced Realtor and list the home immediately. You also want to contact the lender and let them know you would like to do a short sale. They will direct you to the documentation you need to provide like income and a hardship letter etc.

Talk with a few Realtors and make sure the one you are dealing with has had success with short sales. You will be up against the same issues. The lender may want to set a price based on their own appraisal or they may instruct you to list the home and submit an offer when received.

Because your situation has dragged on for so long you may be up for foreclosure very soon so make sure you keep communication open with the lender at all times. Call them at least once a week.

Best of luck to you and your family.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
0 votes Thank Flag Link Tue Aug 9, 2011
This is normal...unfortunately.
Very very very few people get loan modifications....again unfortunately.

We can try to short sale. That's the next best option....even then sometimes they'll give you trouble.

However we're hoping a short sale is a whole lot better on your credit record for the future instead of a foreclosure. Do everything you can to avoid foreclosure.

We would like to look at your home this week if possible.
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0 votes Thank Flag Link Mon Aug 8, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
Unfortunately, your situation is all too common. I'd find the best short sale agent in your area and get started asap! It is not too late.
0 votes Thank Flag Link Mon Aug 8, 2011
The percentage of loan modifications that actually conclude successfully are in the low single digits. Most of the time the lender simply seeks to get a few additional bucks out of you and seldom is their true intention to complete a loan modification.

If you think the loan mod was frustrating, wait till they start playing the short-sale game with you. Unfortunately, your options are likely very limited.
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0 votes Thank Flag Link Mon Aug 8, 2011
You should have asked EXACTLY what is missing. Loan mods are a terrible thing when you get a customer service person that wont help. As far as a short sale, you really need to make sure you have an agent expereinced in listing and using a professional negotiator to negitiate on YOUR behalf with the bank.…

Please see my blog with tips and advice on selling a home through a short sale
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0 votes Thank Flag Link Mon Aug 8, 2011
This is an IMPORTANT step...please do this correctly. Choosing the agent who will represent you in a short sale is a vital step in successfully getting a short sale done, and documented properly, so that you will avoid additional problems down the road. There are many who call themselves short sale experts. Some really are. Others - well, not so much. All agents are NOT the same. What is important in a short sale expert agent? Attention: Will they give your file personal attention, and the follow up needed? Knowledge: Are they up on the very latest information (changes daily), programs and legislation regarding short sales? How to find out? Google this information yourself. In an interview, the potential agent should be able do intelligently discuss the pros and cons of the latest foreclosure news and programs. Success: They should be able to give you a solid list of referrals that you can contact who will vouch for their performance, communication and results. Being successful with short sales is about being aggressive, on top of your files, not taking no for an answer, and perservering for your client in the face of mind numbing inaccuracies, lack of cooperation and downright ignorance you face when dealing with some of these lenders. It's about having the chutzpah to take the matter up to the very top of the ladder and bug the CEO if necessary to get results. A passive agent isn't going to do the job for you. And foreclosure is serious business. Interview...ask good questions. Accept nothing but complete, satisfying answers! Good luck to you!
0 votes Thank Flag Link Mon Aug 8, 2011
Hi, Amber,

I am a realtor in your area (west side of Ft Worth). I have experience with short sales and this might be an option for you. If you would like to give me a call to discuss this please feel free to do so.

Mary Martin
Keller Williams Realty
0 votes Thank Flag Link Mon Aug 8, 2011
You can do a short sale. We can help you. Feel free to give us a call, and we can exlain the process to you.

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.
0 votes Thank Flag Link Mon Aug 8, 2011
If you let your lender know you are planning to do a short sale and list the property with a Realtor, they may give you time. You should ask them if they will suspend the foreclosure while you try to sell in a short sale.
0 votes Thank Flag Link Mon Aug 8, 2011
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