People seeking extreme solutions ususal go through a process of acceptance for catostrophic news as described by Elizabeth Kubler-Roth. 1. Denial 2. Anger 3. Bargaining 4. Depression 5. Acceptance. Step 3# often starts with requesting a loan modification from your current lender. If you have been rejected for that due to insufficient income that's usually 1/2 the battle. Now take an hones look at your assets and ask yourself if you have enough to make up the shortfall with them. Good luck to you in this most difficult siuation.
I am a preferred short sale agent for BOA , Chase, and many others. I have SFR designation and am a Five Star REO certified listing agent with several banks
In my case, I've been a Loan Officer and Real Estate Broker for many years and back in 2006 I represented lenders and went to the borrowers homes to help them reconnect with each other. It's surprising to realize that with as many people that have gone thru foreclosure...that you find very little information direct from a homeowner (but of course everyone's embarrassed).
Loan Modifications were better offers back then, the rules are always changing. These days, lenders give very limited "Trial Modifications" to most people and then most of those re-affirmations end up back in default. Ultimately, unless they fully recast (which is really hard to qualify for in the first place); financially speaking, you should seek all options available to you and then try to forecast what the result will be in 5-10-20 years. this way you make the best decision for your overall goals. Remember, when the lender offers something you can barely afford now... they are just collecting more money before you default again... they know you will have less money for yourself to get back on your feet with. Car repairs, emergency room visits, home repairs, costs of living going up, utility hikes, savings account replenishment- the lender doesn't factor these issues into your payments. You as the homeowner need to factor it into your ability to live comfortably, for the next 30 years.
Be careful about calling the bill collector 1st- and at the very least have a financial worksheet, well thought out in place before you call that lender as everything you say "can and will be used against you"... Please research then call me at 888-282-6880 or an atty that specializes in short sales.
My team handles short sales in Chicago's city and suburbs. We love helping people and are prompt and easily accessible. Visit my blog for more details....http://brittariveraventure.wordpress.com/2011/07/16/britta-r
There is no reason to struggle...find a great agent and get your short sale done.
Sorry to be responding to your question late, but I have just joined Trulia Voices in the last 48 hours. I would not call myself necessarily expert on short sales, although I am pretty expert on South Shore (I was the top dollar volume producing agent in South Shore in 2007). I am currently working with a client who has 5 multi-unit buildings for sale in the area (most of which are entering the short sale/pre-closure phases of negotiation). I'd be happy to meet with you to discuss your options if you still have time to make a decision about putting your building on the market pre-foreclosure. Feel free to contact me at any time.
Broker Associate, Sudler Sothebyâ€™s International Realty
1634 E. 53rd St. 2nd Floor Chicago, IL 60615
773-418-0640 (mobile) 312-577-0985 (fax)
the firm is "Guest , Walsh & Townsend" they are very good with banks and and have a lot experience , you don't need to hire a realtor until the last day ! i m from Poland living in Chicago and i sold my house in 1 day after the process .
Have you heard these claims:
*You can't do short sale when the sellers aren't delinquent.
*You can't protect a sellers credit if they do a short sale.
*You can't get paid your full commission on a short sale.
*You can't do a short sale with a seller who has assets/cash flow.
*Commercial properties can't be short sales.
*ect., ect., ect.
Well, I'm here to tell you that we can and do all of these supposed "undoable" deals. How? It's simple - we know what we are doing!
Check out my blog at http://short_sale_expert.activerain.com/
Don't settle for the so called "experts" who may have taken a course or read a book, use the industry insiders - Investors Capital Group Inc.
Agents and investors - ICG has developed a detailed and advanced short sale training course called "The ICG Method" Contact me for details.
Oh, by the way, we are fully IL HB4611 compliant. If you talk to an "expert" and they don't know what this is, run, don't walk away. This is new Illinois legislation designed to protect the seller.
Why choose Michael Sorensen Team for your Chicago & Illinois Short Sale Service?
- there are no upfront fees or out-of-pocket expenses to our short sale clients for any of our short sale service and you will not be asked to bring any money to closing. We are paid by the Bank.
- we are Short Sale and Pre Foreclosure experts. We help property owners negotiate a short sale, avoid foreclosure and walk away with no obligations.
- we have partnered with the largest short sale negotiation firms and top real estate attorneys specializing in short sale and foreclosure law, who close more short sale transactions than anyone else in Illinois.
- we have established relationships with virtually every lender, so we are able to properly 'package' the short sale and get it to the right person in the right format for an prompt response.
- your bank could let you sell your property for less than you owe in mortgages if you are in financial hardship or must relocate.
- we don't charge any upfront fees and you will not be asked to bring any money to the closing.
- The Realtors' commissions, the Lawyers fees, our Short Sale negotiators and the Seller's closing costs are paid by the bank.
- We will NEVER try to buy your property from you, and we will NEVER ask you to sign the deed over to us. We just want to help you sell the property.
Michael Sorensen - Broker Asc
RE/MAX CITY REALTORS
Serving Chicago & most Suburbs
5435 N. Harlem Ave
Chicago IL 60656
Related Terms & Definitions.
Short Sale (Pre Foreclosure Sale, Short Sell, Short Pay)
Definition: Short Sale is a Real Estate sales transaction where the proceeds of the sale fall short of the property owner's outstanding real estate debt obligations (mortgage loans, real estate taxes, etc..).
In a Short Sale, the lender agrees to adjust the amount owed on the mortgage and accept less than a full payment, in order to get the property sold and avoid foreclosure.
Definition: Repossession of a real property. A legal process by which the lender forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. (Short Sale prevents Foreclosure).
Definition: Real Estate Owned. Refers to bank or corporate owned property aquired through foreclosure. If a property does not sell at the foreclosure sale (auction), it goes back to the lender and becomes an REO.
Definition: Broker Price Opinion.
We pay for referrrals! We submit our offer with private funds to the lender...same day!