Financing in 12020>Question Details

Laraine Silb…, Home Seller in Los Angeles, CA

Can you recommend a company that will help me with a short refinance of my condo in New York? Laraine

Asked by Laraine Silberstein, Los Angeles, CA Thu Aug 21, 2008

I have 2 mortgages and the total value is more than the house is worth. I rent it out for $1050, but the monthly mortgage payment is $1488.30 plus HOA fees of $144.02. So, we run a negative of $608.98, plus I pay the utilities.We are seniors.I am retired and my husband wants to retire. We cannot keep the payment up. Should we do a short refinance or a short sale or a deed in lieu of foreclosure? We do not want to wreck our credit which is good.Can you recommend someone to help us with a short refinance. Laraine

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We are not the type of investment company that pays $10 for option consideration. Most real estate agents want sellers to think they have the magic bullet to kill their foreclosure problem. One thing an investor can do is contract to purchase the house from the homeowner which will open a lot doors since a lender won't agree to a short sale until there is an executed purchase agreement.

The quesiton for any agent that claims they are better because of ......, is "what can you do if my house doesn't sell, do you have some way to help at that point?". The reason for the question lies behind the concept that realtors belittle investors but what is the agent doing for the homeowners home they can't sell? Most of the time they pull up their yard sign and say sorry the market didn't produce a buyer.

There are a few options for homeowners that need to sell their house fast to an investor with the in full agreement then that is when the homeowner will have the best benefit.
0 votes Thank Flag Link Sat Jun 6, 2009
Short Sales are definately a very specialized field. They are NOT part of the Realtor basic training. Care must be used in selecting a New York Short Sale Specialist to guide you through the process and get the job done. It is usally a very wise decision to stay away from the investor type unless the property is very cheap (under 100K). Sellers should NEVER sign a "$10 option contract" as well, as they voilate quiet a few things ethically. Consult the reference below to find a short sale expert in your area. They'll also pre-qualify you for one advace.
0 votes Thank Flag Link Mon Mar 16, 2009
Hi it's Lee
I emailed your personal account.
Lee Campbell
0 votes Thank Flag Link Fri Feb 20, 2009
Hello Laraine
I would welcome an opportunity to help you with your refinance. Our rates are at an all time low.
There is no cost to you to go over options so please feel free to contact me at your earliest convenience.
LeeCampbell
Aamtrust Mortgage
Licensed Loan officer
518-376-1679 Direct line
lcampbell@aamtrust.com
0 votes Thank Flag Link Fri Feb 20, 2009
I have a wonderful recommendation for you. Please contact me off line at Gail@GailGladstone.com for the information.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Thu Aug 21, 2008
I would be happy to assist you in this matter.
Please contact me at 871-9017 or by email at bbergbom@remax.net so that we can discuss further.
Thank you,
Bart Bergbom
0 votes Thank Flag Link Thu Aug 21, 2008
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