Home Buying in 33990>Question Details

Gatorrn, Home Buyer in 33990

More information on Gatorrn

Asked by Gatorrn, 33990 Mon Sep 12, 2011

Yes, I am current on my mortgage payments. Yes, my ex's name is also on the mortgage even though our divorce decree states that he is no in debt to the property. I wonder if he will sue me to get his money back if I do end up doing a short sale. Sadly, I have been thru a lot of stress so the thought of dealing with this is almost overwhelming. I am about 70k upside down but what if I have exactly that much in savings, will the back require that I use every penny I have left? I am a professional woman who has been thru more than most people would ever endure including the murder of my mother last year so as you can imagine, I am ready for some happier memories. If the bank knew what happened in this home, I think they might have enough empathy to allow a short sale...I just don't know.

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Hi Gatorrn,
My sincere apologies for your losses; I cannot even imagine your sorrow and pain. To share that is immense.
You are truly a strong individual and your fiance is very lucky indeed! For every door that closes, another does open; although sometimes we don't see it that way, but you are not alone and I know that doesnt make it any easier. I just wanted to tell you that I'm sorry for all your pain.
Being current is a very good thing. Depending on your bank, they may allow you to sell and maintain a current status; or possibly allow you to run 31 days late to entertain a short sale.
From my experiences doing shortsales, your hardships have merit. I think you would be best to short the home Gatorrn and close that door. Given today's market, the $70K you are short by is a small amount; considering the losses that are out there. Depending upon the accounts you maintain for your savings, they may be exempt. I can refer you to attorneys with whom I've worked to give you some guidance. I come from 30+ years of banking background (Canadian) and here in the US. This experience is a huge asset for me to assist my people that I have worked with. I would be more than happy to help you any way that I can. I can be reached via phone or email.
239 691 6169
0 votes Thank Flag Link Tue Sep 13, 2011
Here is some additional information...the house was refinanced back in 2007 prior to my husband leaving me.
0 votes Thank Flag Link Tue Sep 13, 2011
You are not alone.

Reach out. There is a lot of help out there to help you make a plan to go forward.

Enjoy the journey!
0 votes Thank Flag Link Tue Sep 13, 2011
We have had similiar situations before.....albeit without the death. Sincere apologies.....it is doable with some income factors being considered. We work with an attorney and thus you should consult one also to make sure what the best move is for you. Let us know if we can be of assistance.

0 votes Thank Flag Link Mon Sep 12, 2011
I am sorry you have had so much recent sorrow. A hardship may be evident. There are many people in your situation who have good credit, pay their payments on time, are upside down and need to sell. From my experience, unless you default on the payments, the bank will not entertain a short sale at all. Have you called your lender to see what they have to say about a short sale situation? Your Realtor could call on your behalf, if you sign an Authorization Letter. It typically takes 24 hours to process the letter and then he or she could ask some important questions. All assets would have to be disclosed to the bank, if you apply for a short sale. You would want to talk to a lawyer about the liability.
The other issue you haven't mentioned is the tax implication of a short sale. Was the existing mortgage(s) used to purchase the property? Did you ever refinance?

Most any of the Realtors who have responded to you probably are experienced in short sales. I certainly am. I have a few attorneys who may not charge for a consultation. If you want to talk about your short sale situation in private, call me and maybe I can help.

Megan Eister
Broker, Florida WestShore Realty
(239) 415-6500
0 votes Thank Flag Link Mon Sep 12, 2011
Please call me at 239-410-9888. Is this your primary home. Do you have homestead on this property?
Also, if the bank allow you to do a shortsale is because you can not afford your mortgage.
Call me or we can meet at the office. Let's set a time up.


Eileen Rodriguez
0 votes Thank Flag Link Mon Sep 12, 2011
First thought:
Do not have the money in the same Bank as your Mortgage!
If that is the case, change it tomorrow.

You should have no problem with your Hardship letter; the details are there and your are articulate.

You need to get a good Realtor on your side to help you. Please say you will.

Good luck and may God bless
0 votes Thank Flag Link Mon Sep 12, 2011
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