they can offer to reduce the payment you are presently making for a few months so you can get over your hardship, if you think you'll be okay on the payment in a few months; 3) Offer a re-finance of the loan to a different type of loan so the payments are not such burden. Due to the recent foreclosure situation and Congress, they are more willing to talk to you and to find a solution because they do not want the house back. When you contact Customer Service - you would like a "forebearance" (if you would like to hold off on the payments due to hardship) - or see about a refinance - BUT if you have a good payment record,
check other refinance options with other mortgage brokers/banks. Please call the mortgage company today - if you miss 3 payments, in Massachusetts, your home goes immediately into "foreclosure", so time is of the essence. As for selling your home, forget what the appraisal is - your home's value is what
a buyer wants to pay and right now it is a buyer's market - A friend of mine just bought a house in Naples Florida for what the loan was - he simply took the loan over. Good luck and let me know how things work out.
Tell me how to do it! (Or, if I should! LOL)
I did tell the lender I was contemplating not making any more payments, to hopefully gain his attention, but he was nonplussed. The only way they will consider a loan modification or refinance is if I AM in default! Sweet. But I am liking your idea about talking to bankers. (Well, not exactly that part of the idea...I do not like talking to bankers) I did speak with several, already, though, who would not touch this loan, but I think I shall not give up. Thanks for the reinforcement!
In the meantime, I have showings!!!
Just another option...
Then I think I'll check out the foreclosures on that website mentioned earlier.
Just to remind myself of where I don't ever want to be.
advertise here allowed in the answers.
Jeanne, I have followed your case for awhile - please privately email your update from a month ago - would like to hear from you and see what decisions you have made.
bite the bullet and rent but protect your little nest egg.
What has your Realtor said about the situation? When a home doesn't sell, it's usually price, product(your home) or pitch. (The marketing.)
Is you Realtor experienced in short sales? I would drop the price drastically, get an offer in house, and start the ball rolling with the short sale process. Find an EXPERIENCED short sale Realtor.
Good luck! I know it's tough....
There does not sound like there is much you can do anymore.
1. Stop making Payments, Save your money and get set-up in apartment. Let`s think save yourself.
If you can move to another residence OK.
2. Do the Short Sale. Drop the price of your home to 600K, and keep dropping the price 5k every week until you get an offer. The Government is in the process of eliminating the Debt forgiveness tax. This will keep you from owning uncle Sam.
3. If you feel you need to replace your Realtor, you probably do. Again we have disscussed this last Month. Interview only Realtors who have done at least two Short Sales this year. Ask for references.
4. Call the Bank tell them what you are doing. Keep communications open with them.
5. Consult your CPA, and a real estate Attorney. NOT a BK Attorney.
Hang in there.
Just get it SOLD.