Do you still have this property on the market???

I'm reading all the answers. According to your own statement...... you can no longer keep up with the payments including utilities. Talk to your agent; get going on selling your home. If He or She is not familiar with short sales... get the agent with the most short sale experience. Don't let the bank foreclose on you. More points down on your credit!!!!

You can and should continue to drop the price until you have an offer. And once you have an offer you or your real estate agent can start to negotiate with the bank. Your bank will let you know what they will accept, they will have your property appraised. Bank will pay most if not all of your closing cost (including Realtor fee). Most bank will want to see that you are working with a professional real estate agent and not For Sale By Owner. Short sale process may take a while, but it is better than having a foreclosure record. Do not just walk away from your property and abandon it. Even if you are delinquent in your payment or if the sheriff sale had already happen, you still have 6 month period to do the short sale. Hope this help!

You can drop the price any way you wish; your lender or the servicer will decide to accept the purchase price or not when you have a valid purchase agreement. Discuss this with your agent. If you do not have a real estate agent and are trying to sell this property yourself, you probably need an agent to help you price the property, find people who want a 12 acre hobby farm, and help you with this stressful time through their real estate and negotiating knowledge. Good luck. Liz, Associates Realty, LLC

T
Unfortunately your situation is not uncommon.
I recommend that you talk with a Realtor about a short sale. A short sale is when the owner can convince the lender (s) that there is a significant hardship and that they BEST course of action for the lender(s) to take is to sell the home at a loss. The lender actually pays the "closing costs"....meaning everything so you do not bring any cash to the closing table...of course, the downside is your credit is damaged, but a good negotiator can minimize the damage and it's better than a foreclosure.

If you need a referral let me know. Good luck!

Hi Trigger,

Sorry about your situation. Here is a resource, it's a free 1 hour video for homeowners who are in trouble with their mortgages. I hope this is helpful to you. There are several strategies. Good luck!

http://www.foreclosureoptionsnetwork.com

First let me say I am sorry for the difficult times you are experiencing. We have been counseling more and more people in similar situations where they owe more on their mortgage than their home will command in today's market.
It may seem that you hvae no other option but to walk away but I want to encourage you that there are other possibilities.
In March, the Obama Administration introduced a financial stability plan which included help for the housing market. Part of the plan is a program called "Making Home More Affordable". Please visit the government web page:

http://www.makinghomeaffordable.gov/

This web page will help you determine if you are eligible for a restructuring of your mortgage. The initial program was changed recently so be sure you get up to date information.

Next I would suggest you contact your first and second mortgage holder immediately. Some banks are being very helpful, doing what they can to assist people in a short sale situation. Try to get the banks to lower the monthly payments and forgive the amount of the short sale.

Finally, contact an agency who specializes in mortgage delinquencies and default resolutions. Try to find one that is approved by Housing and Urban Developement (HUD). You may have rights to stay in your home that you may not understand fully. It is important that you do this BEFORE you move out of your home.

In regards to selling your home, ask your agent about the showing feedback you have received. Work with your agent to determine if something can be done to make the home appealing to those that have seen it already and see if you can get an offer. To attract new buyers, make sure your agent has a fantastic internet marketing plan. Your online photos should show rooms that are clean, decluttered, with neutral decor. Get rid of bold colors and any personal decorating themes (horses, hunting, farming, anything!)

I wish you the best of luck.

Lois Marris
Edina Realty
507-398-3251
DavidAndLoisMarris@EdinaRealty.com

SHORT SALE: The amount of the purchase agreement, less your expenses to sell (including agent commission) produces your net proceeds amount. When your net proceeds is less than what you owe the two mortgage companies you have a short sale.

Hello Trigger
Yes, you one in many. Since you resigned yourself to walk away just lower the price, let your Realtor tell you what your home is worth, let the Realtor do a CMA and let the banks deal with the short sale. It will affect yor credit for a few years but you can live again.
Don't feel bad (Easy to say) it happens all over the country. We are in a housing mess.

Good Luck to you
Lilo

Drop it down to 150K under what it is worth. Get any offer and start dealing with the bank. If 150 doesn't work...250. It does not matter. And keep taking offers.... Good luck.

Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com

It is my Goal to Increase the Success and Profitability of Those I Serve


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Co-author of “Should I Short Sale My Home?” Advice on what options are available.
http://ShouldIShortSaleMyHomeNow.com

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