Do not worry about your car. They will not take away from you.
Best of Luck,
There are lots of real estate agents on hereâ€¦Truliaâ€¦ check out their blogs, answers and what they have to say, and pick someone that you feel comfortable withâ€¦Interview a few at least. I'd suggest not going with the next agent who sends you a "short sale expert" post card or knocks on your door, UNLESS you can also Google them and find some good references, blogs, testimonials to support what they tell you.
I'm sorry for what you're going through - you're not alone,
You should contact a local agent ASAP and get a request for short sale approval package submitted to your lender.
Please do not wait until you get furter behind. Being laid off is a true hardship.
Keep in mind the bank will not pay past due HOA fees, so you will have to ask the buyer to pay them if you are not able to do so.
The longer you wait the further behind you will become. Please act ASAP!!!!
Best of Luck to YOu,
Kawain Payne, RealtorÂ®
I've done many short sales before and never heard about something like that.
Second you definitely need to short sale the house and just make sure the HOA will not foreclose on you before you do the short sale. They can do it behind your back so be careful.
If you want to stay at your home there are some ways to do it.
Read below this article abut short selling your home and renting it back until able to re purchase it. This is a great program that can help you these days.
Sorry to hear about your financial situation. Looking at the answers posted from the other real estate professionals, you have some great suggestions.
The mortgage company will need to see a list of all your assets. Since you own your car, it will need to be listed as well.
1) I would strongly recommend contacting an attorney and CPA/Professional tax preparer to understand all the legal and tax consequences of a short sale, foreclosure, or deed-in-lieu.
2) Are you aware of the "Making Home Affordable" federal program. There are several options you may qualify for that will help you KEEP YOUR HOME and avoid a foreclosure or short sale.
Check out my website for links to the official website for more information and apply for help.
3) Also, contact a Real Estate professional preferrably one who is a Certified Short Sale and Foreclosure specialist (SFR). They can help you with all your questions, help you apply for the federal programs to KEEP YOUR HOME or proceed with the short sale.
Good Luck to you.
Monica Hernandez - REALTOR(R), SFR
Century 21 Amber Realty
23705 Crenshaw Blvd Suite 100
Torrance, CA 90505
dre lic# 01239118
The banking regulations vary based on whether a loan is a first trust deed purchase money loan, a second trust deed purchase money loan, a home equity loan, or a refinance. In this forum, it is impossible to know your situation well enough, and as Realtors, we cannot give legal or tax advice.
In a short sale, the bank will want a record of all of your assets, including retirement accounts and automobiles. In making their offer, all assets will be taken into account. I recently had a major lender consider a Mercedes as an includable asset during a short sale, for purposes of valuing the assets of the borrowers.
My best advice is to consult your attorney and accountant. Then hire a Realtor who is CERTIFIED SHORT SALE PROFESSIONAL. We offer a free 1 hour consultation with you and with your accountant and / or attorney, charge no fees to you, and all of our fees for your representation are paid by the bank. Call us.
Deborah Bremner, SFR, CSP
Certified Short Sale Professional
Certified, Short Sale Foreclosure Resource
Certified Home Retention Specialist
Blogging at: http://TheBremnerGroup.com/blog
It depends if you took out the car as a part of your home equity fund and the bank has it in their books as a collateral, if this is the case watch out. This has happened to one of my clients 3 years ago. They did take her car. She was doing a Short Sale.
If you are $8000 behind on payments contact your lender. Fore more info on short sales go to my wesite
Certified Distressed Property Expert.
It is important to sit down with a foreclosure specialist - someone like myself, or any number of the fine agents represented here, who are able and willing to help you sort out the pros and cons of various paths of action that you could choose right now. You'll want to do this sooner than later - HOWEVER - please don't feel compelled to make a quick and uncomfortable decision in 30 seconds or less! I recently "rescued" a seller who felt pressured to sign something she clearly didn't understand when a fast talking agent put some papers in front of her. She thought she was signing for him to have permission to make inquiries on her behalf, and looking into the possibility of selling - BUT she did not realize she was committing to the listing. She told him she decided not to go forward with him, and 2 weeks later, he put her home on the MLS. She had signed the listing agreement and was sorry she did. She never had a chance to check him out. He had over 50 "cancelled" short sales and zero closed sales to his credit. Most of them ended in foreclosure. I contacted his broker, and we worked out a deal that made sense for all concerned, but legally, he had the right to tie up the listing - even if it meant foreclosure for her!
Jeri Creson, Broker
You have recieved some good advice below. The bank will not take the car. The will want to talk with you or your realtor about the situation. Keeping in constant communication with the bank is critical when falling behind on your mortgage. A short sale is an option that may work for you. Sit down with an experienced short sale agent to discuss all of your options and the short sale process, pros and cons, before you make a descision. Let me know if you would like to talk. I'd love to help.
Our recommendation is to seek the advice of an attorney prior to making any decision.
Best of luck.
The Eckler Team
You do want to seek out the advice of a tax professional regarding your deficiency amount and if it will be reported as taxable or not. Also seek the advice of a Real Estate Attorney. There are many that will give you a free consultation.
Plan and prepare wisely so that the decisions you make now will have the least affect on your future.
They are not coming after your car, I have NOT seen that happen one time. You are in the cicumstances that short sales were made for. I am sorry you are here, it may be a long process but in the end.... I think you will have a big weight off your shoulders.
I wish you well and peace of mind!!!