Home Selling in Cleveland>Question Details

Maurice Wall…, Home Seller in Cleveland, OH

how does a short sale work?

Asked by Maurice Wallace, Cleveland, OH Tue Dec 9, 2008

im behind on mortgage and need to sell before i loose my home i have a buyer

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6
Above all Maurice, be persistent. If you aren't getting the answers you need when you speak with your lender, keep calling until you get someone who can help. Make sure you document your calls (who, date/time, content of call) for your records.

Also, call the Cleveland Housing Network at http://www.chnnet.com/ 216.574.7100 and they may be able to point you toward resources that can assist you as well.

Good luck.
0 votes Thank Flag Link Sun Jan 11, 2009
Maurice your first step should be to call your lender and ask for the home retention department. Ask them if you qualify for forebearance or a loan modification. A loan modification could lower your interest rate, lower your paymenst and take the amount you are behind and put it into the loan balance. You need to be able to make some sort of monthly paymenst however. If you have no ability to make payments then yes a short sale may be for you. Ask them to send you a short sale package, see if they have it on their website to download or can email, mailing it may delay you another 2 weeks. Then get a broker who is well experienced in short sales, not every broker is, they can assist you in negotiating your short sale, finding a buyer and making things work. It is not quick, it takes time and patience. good luck in working things out.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Jan 10, 2009
Maurice,

Short Sales are becoming more and more common. If you have a buyer for your home, be sure that they can truly qualify to purchase your home. Yo will need to fill out a complete package of information for your Lender. This will include a Hardship letter, a complete breakdown of your current finances as well as several other key documents.

If you have questions, please feel free to email me and I will be happy to give you sound advice. We work with short sales in the Cleveland area and have a specialist that can assist you.

David Wakeman
RE/MAX Classic
david@wakemanrealtors.com
(440) 212-5007
Web Reference: http://wakemanrealtors.com
0 votes Thank Flag Link Sat Jan 10, 2009
Do what Tina said, and don't forget to ask your lender for a copy of their short-sale package.
0 votes Thank Flag Link Wed Dec 10, 2008
Maurice,

Check out my blog http://daytonohiorealestateandmortgages.com/category/avoid-f… this will take you to several posts in reference to short sales and different options. If you would like I would be happy to discuss some options with you and if a short sale seems like the best of the options available for you help you with that process as well. Please send me you contact info and/or call me at 937-353-4600 tomorrow I would be glad to help.

Sincerely,

Mark
0 votes Thank Flag Link Wed Dec 10, 2008
Dear Maurice,

Please contact your own lenders & communicate of your situation, you may be able to keep your home by loan modification or short refinance after they review your financial status or you may be advise of short sale; at the same time please contact HUD for advise. http://www.hud.gov/foreclosure/index.cfm . A local realtor who has experience of short sale could also help you.

Best regards,
Web Reference: http://tinacowng.com
0 votes Thank Flag Link Tue Dec 9, 2008
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