Home Selling in 85209>Question Details

Sean, Other/Just Looking in Mesa - Guadalupe and...

I live in zipcode 85209, I purchased my first home a condo for $155,000 I think it is now worth around 1/3. I want to shortsell but cant find help!!!

Asked by Sean, Mesa - Guadalupe and Ellsworth Thu Jul 22, 2010

I bought my condo Dec 2006 and was told that with my credit rating I would be able to get a lower payment, just keep making my payments and I will be fine. This has been nothing but a nightmare for me. I have tried asking for help from lawyers and real estate agents, no one seems to want to help or return my calls. I have an 80/20 loan, the 20 is the kicker keeping me in. I probably am $100,000 underwater... How can I get help? The government will tax me on my loss and I want to evade more trouble. I am disappointed with the people who helped me get into this place because they are of no help. Is there someone out there that can get me out of this nightmare?

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8
Sean,

Although Jeff has a point, your second may not be protected from the anti-deficiency statues. Hence, the http://www.makinghomesafordable.gov website and contacting your lenders. The anti deficiancy statues on second loans has not been tested in the Arizona court system. If you need a good attorney to talk to, I would be happy to provide you with names of a few that are specializing in short sales/foreclosures. Most will give you some time free so at least you know your options. Every person's situation is different so legal and tax advice are always prudent before making a move other than speaking to your lenders, first.

Elaine Lekas
1 vote Thank Flag Link Thu Jul 22, 2010
Nice response.
Flag Sat Apr 20, 2013
Just wanted to touch base and ask if you would like to get together to go over your choices? We handle short sales with all banks and also have buyers for homes so it can move quicker. Let me know if you have time to get together? Thanks, Brenda
0 votes Thank Flag Link Thu Aug 2, 2012
Hi Sean,

You have received a lot of information here but actually what I see you needing is answers to your questions and someone to just take the pressure off you, This is what we do in our group as there are many different answers to the short sale question. You may or may not sell your home but you need to try to protect yourself as best you can. You need to take the emotion out of it and get the help you need.

We would be happy to help you and try to take the unknowing pressure off you.

Take Care, Thanks, Brenda
0 votes Thank Flag Link Sun Aug 28, 2011
Hi Sean, We actually specialize in short sales and helping people with distressed properties. If you are having a financial hardship and can't make your payments we can help with the banks. Short sales are not as difficult as they once were. Bank of America, Chase and Citibank have all told us that they will work with the owners and Realtors to process the short sale as quickly as possible. That does not mean that it will close in 30 days but the short sale process is getting "shorter". A short sale will also be a less of a hit on your credit than a foreclosure. It's true the IRS will tax you on the difference because they see it as income received. If you do need help and want to explore the possibilites please call me at 480-254-4962. Thanks and good luck!
0 votes Thank Flag Link Sun Aug 28, 2011
Ok sam, you nutjob. I am not a realestate agent I had no idea the market was bad at the time. I was told prices were fair and the values were going up. This was the first time I ever bought a place. I think your unkind words serve no purpose. I bet I do live a more frugal lifestyle than you. I bought a very reasonable condo 869 sqft, now its simply too small for me and my new fiance. I work very hard and my work takes me away from home for half the week. I don't even get to enjoy what all my hardwork is paying for. I see a lot of people getting rid of their places by whatever means. I admit to feeling like a fool for believing my friend the realestate agent and buying in the market. I was suckered in and have been paying and paying. 2006 was a very bad year for me, my Mother died and I just wanted to do something positive for myself and the year. I thought this was positive but as you said I was a fool. I am disenchanted with Arizona, there are too many angry people such as yourself here. You don't want to work with your fellow citizens, everyone drives around like they hate it here. Put me on that bandwagon, I want to give up. Sam you should be ashamed of yourself for striking out in a hateful way at a perfect stranger. Where is your sense of civility? Your an angry person take it out elsewhere. If you have nothing good to say don't say it.
0 votes Thank Flag Link Thu Jul 22, 2010
Dear Sean:

I am sorry to hear about your situation.

If you do a short sale and your home is only worth 1/3 of the purchase price, yes you will lose your 20 percent investment.

However, you will not have to pay the full loan off either for the $100,000 that you are under water. Arizona statutes make us a non-deficiency state, where the lender is prohibited for pursuing the shorted loan deficienc after the short sale. You can walk on from this situation and start rebuilding your credit. Usually a lender will require you to wait about 2-3 years before you can re-apply for a new loan.

Sounds like you know about the benefits and drawbacks of a short sale. Each person is different and difficult to answer your questions with limited knowledge.

However, as a start read the "Short Sale Advisory" published by the Arizona Department of Real Estate. This will answer all of your questions. This and other information can be found on my website http://www.arizonahomesland.com/forsellersorlandlords.html or from the Arizona Department of Real Estate.

Jeff Masich, Realtor
Arizona Homes and Land
http://ArizonaHomesLand.com
HomeSmart Scottsdale
0 votes Thank Flag Link Thu Jul 22, 2010
Sean,
Have you spoken with your lenders and have you taken a look at the website http://www.makinghomesaffordable.gov? it is a program for people specifically like you who need some relief. If you qualify for a short sale, under the program, depending on who backs your loan, you could be relieved of all future liability.

Start by watching the introductory video and answr the questions about whether or not you will qualify for loan modification or short sale. If you don't qualify according to the questonaire on line, call your lenders anyway. I have several clients whose lenders are participating in the program but according to the questionaire did not qualify. If you do, you may be able to short sell and be relieved of any tax liability. BUT, you must talk to your lenders and determine whether or not you will be taxed on the deficiency if you short sell. If you need some assitance, I'd be happy to talk to you and walk you through the process to get started.

Good Luck,
Elaine Lekas
0 votes Thank Flag Link Thu Jul 22, 2010
Sean,

I'm sorry for your delima. I can offer to assist you.

Please call to discuss,

Stew Keene - Home Smart Realty
Certified Short Sale Negotiator
(480) 220 -7491
Web Reference: http://www.stewkene.com
0 votes Thank Flag Link Thu Jul 22, 2010
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