Foreclosure in Hopkinton>Question Details

Gail Sweatt, Home Seller in Hopkinton, MA

i paid fo lawyer to negotiate a modification. My loan was sold, i lost my job in dec 2007 and September 2007.

Asked by Gail Sweatt, Hopkinton, MA Fri Jan 30, 2009

i simply can not afforf what the lender wants. Is there a way to give them the property without ruining my credit any further>

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4
You should contact your lender to request a short sale. You'll need to submit several things in order for them to consider a short sale. Your you'll need to submit a letter of hardship, and perhaps your bank accout balance. You'll also need a current opinion of value from an appraiser or maybe the lender will accept a realtor CMA. This will take some time and persistance to accomplish but it is possible. You could also do what is termed "a deed in leiu of forclosure". Simply put you give the house back to the lender without going through the entire forclosure process.
1 vote Thank Flag Link Fri Jan 30, 2009
Hi Gail,
Its a tough situation and you are not alone. there are many folks in the same perdicament today.
The banks do want to work with you in most cases. Every case is different and specific.
I have worked with many of the banks and would be happy to discuss your particular situation, if you are interested. You can contact me through my website below.

Regards,
John
0 votes Thank Flag Link Fri Jan 30, 2009
Sandi is correct perhaps with short sale keep a foreclosure on your credit report which tank scores even further. Stay in touch with lender approve short sale.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Jan 30, 2009
Hi Gail, you have two choices. Sell the property or give the property back to the bank. You can sell the property in what is known as a short sale. I have completed a bunch of short slaes in the past two years. You can give the property back to the bank in what is known as a deed in lieu. The short sale is definately the better option because it will not ruin your credit like a deed in lieu would. I have completed a basic Comparative Market Analysis for your property. E-mail me at jonbowen@bowenboston.com and I will e-mail you the results.
Web Reference: http://www.BowenBoston.com
0 votes Thank Flag Link Fri Jan 30, 2009
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