Memom, Home Seller in Coeur D Alene, ID

We are upside down in our home and need to sell- we are relocating to a new state. Short sale app was rejected, what are our options?

Asked by Memom, Coeur D Alene, ID Mon Feb 27, 2012

We aren't sure how much we are underwater, but my guess is we could probably sell for about 30-40k less than we owe. Since our short sale app was rejected, can we take out a loan to cover the shortage? Basically coming to closing with cash to handle the shortage? What are our options? It is quite important that we not have a short sale, foreclosure, or bankruptcy on our credit, but we have to get out of this house even if it means we take out a loan to cover the shortage.

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If you have not heard of HAFA (Home Affordable Forclosure Alternative Program) check this link. It is also a short sale program, but not through your bank. I just became aware of the program and am not affiliated in any way. It does sound like a viable alternative, however. Good luck.

http://www.bestshortsaleagent.com/HAFA_Program/page_2248428.html
0 votes Thank Flag Link Sat Jun 23, 2012
There are options to work with the banks to get a loan on the difference. Give me a call or email if still interested and haven't resovled. Have done this with a few sellers that also didn't qualify for short sale. I'm in CdA.
Lea Williams, Assoc Broker, Tomlinson Sotheby's. lea.williams@sothebysrealty.com
0 votes Thank Flag Link Sat Jun 16, 2012
Did you ever get your home situation resolved?
Did you sell it or rent it out?
0 votes Thank Flag Link Fri Apr 13, 2012
Is renting the house an option?
0 votes Thank Flag Link Mon Feb 27, 2012
Your first step to have someone help you with a comparative market analysis to ensure you price your home properly. Also, talk to a mortgage broker to see if the extra loan is a possibility. If you are interested in talking and/or setting up an appointment for an analysis you can reach me at c21bond@gmail.com, or by phone 315-243-7504. Thanks, Deb
0 votes Thank Flag Link Mon Feb 27, 2012
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