Home Buying in 97206>Question Details

chillymac59, Home Owner in Portland, OR

how can i postpone a foreclosure to sell off assets to update arears on equity debt?

Asked by chillymac59, Portland, OR Tue Sep 11, 2012

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5
Linda Heinrichs’ answer
You should contact an attorney to help you, but at the very least contact your lender via phone and in writing to let them know what your plan is. If you need assistance with a short sale, please call asap - we are successfully helping sellers in these situations.
2 votes Thank Flag Link Tue Sep 11, 2012
The one consistent piece of advice from each of the responding real estate agents is to contact an attorney. You should consult with an attorney experienced in foreclosures, personal financial workouts and bankruptcy, and then determine the best course of action. If that course of action requires the sale of your property, make sure that the Realtor you engage is well-versed in sales involving distressed properties (those tied to foreclosures, bankruptcy, and short sales). Please contact me if you would like the names of attorneys with this type of experience.
0 votes Thank Flag Link Wed Sep 12, 2012
Would need a LOT more information about the circumstances. There are many ways to work with or stall a lender. In many cases you can stop them in their tracks but sometimes you dont want an adversarial relationship. You need to speak to an asset preservationist who knows debt management. I know the number one man in Oregon for this. Drop an email and I'll give you his info. Otherwise---do not take advise from just real estate people here...as others said---contact a lawyer. DO NOT SPEAK to your lender until you get advice.

Regarding short sales and experts, everyone is claiming to be a short sale expertand some have taken a few courses. Though its not rocket science, it does take experience and there is only so much a 'short sales expert' can do anyway. (This isnt pointed at Linda, below, Im just saying in general) Thye public doesnt know how to choose a short sale agent or expert. The person I referenced above is used by many large real estate offices who wont let their agents touch a short sale without his input. Again, contact me for his info. I get NOTHING for that, by the way. GARBLOOEY AT GMAIL DOT COM
0 votes Thank Flag Link Tue Sep 11, 2012
Not sure we have all the information but if you have a sale pending on your house you should be able to stop a foreclosure. But speak to an attorney and give me a call if you need to list your house. Tom Inglesby
0 votes Thank Flag Link Tue Sep 11, 2012
Linda gave you some great advice. You need to contact your lender and an attorney!
0 votes Thank Flag Link Tue Sep 11, 2012
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