Home Selling in Tampa>Question Details

Militaryowner, Home Seller in Tampa, FL

I'm in the military. I was orderd to move to a new location. I unsucessfully tried to sell my home. I'm

Asked by Militaryowner, Tampa, FL Tue Jun 16, 2009

underwater on my mortgage. Now i'm stuck with making my mortgage payment and I have additional $1245 in rent payments (yeah its expensive in maryland). I simply can't afford it, so I stopped making my HOA payments. My bank says I should try to do a short sale on my home but now there's a lein on the home. I chose to make the mortgage payments instead of the HOA payments which are insane ($287 in a 33617 zip code). What are my options. My association is about the worst to be in. They won't even talk to me.

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I agree a short sale is your best option. I would suggest you list your home at market value as soon as possible with a reputable agent who has short sale experience. There are "short sale specialists" who may ask you to sign an option contract (allows them to buy and sell your home and keep the spread). I am told that what they are doing is legal, but in my opinion it is a grey area and should be avoided. You absolutely should seek legal advice, and there are Real Estate offices in Tampa who offer a free counsultation with an attorney before they list your home. An attorney can give you the best advice regarding the options that are best for you and your particular circumstances. Best of luck to you...I know this is a difficult place to be, but you are not alone.
0 votes Thank Flag Link Sat Jun 20, 2009
Definetely a short-sale proceeding will let you breathe..........
Web Reference: http://www.hothomespot.com/
0 votes Thank Flag Link Tue Jun 16, 2009
You sound as though you have a case for hardship.

I would ask a Realtor knowledgeable in short sales and loan modifications to help you. I'll bet one of the Realtors on this list could do it.

Your main goal is to learn your options and the pros and cons of each. Then you make the call.

Good luck.

If it comes down to you might want to consider paying the HOA fees. With a lien the property will not be able to sell at all. I
0 votes Thank Flag Link Tue Jun 16, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
Good afternoon-- I'm assuming you're not able to rent your home for the amount of the monthly outlays, right? If not, then I think the advice your bank has given you is probably the best you can do. A short sale will hurt your credit, but it's a lot less damaging than a foreclosure. The fact that the HOA has placed a lien on your property is not good, but it's just a fact of life in a foreclosure (as well as the property taxes going unpaid at some point in the future.)

When the short sale is closed, the HOA will generally be made whole (or at least the last six months will be paid). My best advice would be to contact an agent in your area that is experienced with short sales and start the process of getting the information you need to make a decision. You may wish to speak with an accountant or real estate attorney to verify that it won't have extraordinary consequences for your particular circumstance as well.

Sorry this is happening to you. You're in good company, though I now that doesn't lessen the hardship. Hope it all works out satisfactorily for you. If you'd like me to recommend a great short sale agent in the area where your home is located, just give me a call or email.

Good luck!

Louise Warring, e-PRO, CSP, CNS
Certified Short Sale Professional
Coldwell Banker Residential Real Estate
0 votes Thank Flag Link Tue Jun 16, 2009
At the end of the day the lein will need to be cleared in order to have free and clear title to the next buyer. This can happen either through the foreclosure process or in some cases the bank will clear the lein, so they can actually sell the property. I know of situations where a buyer has paid off the back HOA fees but subtracted that from the overall price.

Feel free to give me a call to discuss the details. It sounds like you are in a potential hardship situation which is necessary to actually conduct a short sale.

Cristan Fadal
Century 21 Fisher & Assoc
(813) 391-9240
0 votes Thank Flag Link Tue Jun 16, 2009
You will have to do a short sale - if you do one - part of the process is to get rid of the outstanding liens before the new buyer gets title. Especially since this is your previous homestead - there has been some new rules protecting you from the tax liability for the loss by the bank. Please contact an attorney and accountant to confirm this information. Since the bank has been proactive about telling you what to do. Let them help and since they seem to be willing to work with you and you do have a hardship. Please contact me if you have any other questions. Good-luck and thank you for your service to our country.
0 votes Thank Flag Link Tue Jun 16, 2009
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