Foreclosure in 32824>Question Details

Vanessa, Home Seller in 32824

I have 2 new houses, I bought less than a year ago. I am planning to call my bank on Monday to negotiate

Asked by Vanessa, 32824 Sat Nov 24, 2007

since I can no longer make the payments since my husband was in an accident he is not been able to work. Do you think I could sell them in a reasonable amount of time I am not interested in any profit I just want to get rid off them. 2509 sq feet on SouthMEadow subdivision (between Hunters Creek and Meadow Woods ) 4 bed 2.5 bath upgraded lot built by Centex on January 2007. Another townhouse 1578 sq feet 3bed/2bath built by Beazer HOme s a few minutes from airport on Sawgrass. Any suggestions how do you see this situation.

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I have an agent in my office who called his mortgage company. They reduced his interest rate from 6.5% to 5% saving him close to $400 per month. They are willing to negotiate right now rather than lose out completely on a short sale or foreclosure!
1 vote Thank Flag Link Wed Apr 23, 2008
Sorry to hear about your husband. Looks like you may have bitten too much off at a time. You may want to consider a shortsell to unload the properties if the market is very bad in your area. Speak with a Realtor in your neighbor hood, they can explain how it works
1 vote Thank Flag Link Sat Nov 24, 2007
You need to contact a Licensed Real Estate Agent to list your homes as Short Sales. Then you can contact your bank and let them know that you are trying to sell the property\ies as a short sale because of medical reasons that have been unavoidable. Make sure the agent you hire has actually closed on Short Sales before. It takes alot of negotiating skill.
0 votes Thank Flag Link Thu Jun 3, 2010
Short Sale is your best solution, the bank will waive deficiency judgment and forgive the debt.
Once your shortsale completed, you will be able to get a new home loan after 2 years.
The crucial thing is to find the right people to handle this for you because their are a lot of scams out there.
Work with licensed people and move fast because time is your worst enemy.
Good Luck.
Web Reference: http://www.monkeysold.com
0 votes Thank Flag Link Sat May 2, 2009
Hello Keith! We know about shortsales right?
0 votes Thank Flag Link Sat Jul 26, 2008
Vanessa:
Talk to your Lender. If you are facing a long term or short term financial situation they are options for you. It seems you own 2 fairly new houses and probably you owe more of what your houses are actually worh. You are saying that you want to get rid of them. Banks are willing to let you sell for less. There are tax and legal ramifications and you may need to be advised by a Financial Advisor or a Lawyer. If you need to Sell, I do short sales. Please visit my website.
Web Reference: http://www.Orlando-Relo.com
0 votes Thank Flag Link Sat Jul 26, 2008
Vanessa,
To answer your question about selling in a reasonable amount of time is somewhat hard to ascertain. First We need a little more info,When did you purchase the homes and determine if there is any equity, From there we can better understand your situation. As far as calling the bank that is a great start as COMMUNICATION is key when you are having difficulties with your finances. Also if you need help Florida Legal is offering assistance to home owners who are having problems dealing with their lenders that phone # is 1-866-607-2187
Call a Realtor and discuss YOUR needs with them and they can help guide you through the process.
Hope this helps.
Rick.
0 votes Thank Flag Link Sat Jul 26, 2008
We had just close 5 short sales last week in our office. All these properties owed more to the Lender of what they were worth. None of the Sellers had to come with money to the table. The difference and closing costs and realtor commission was paid/loss of Lender. Sellers avoid foreclosure by selling their houses by Lender Approval. We also are bilingual. My direct line is 321-287-5340. Thank you and Good Luck!
Web Reference: http://www.Orlando-Relo.com
0 votes Thank Flag Link Sat Jul 26, 2008
First things first, I recommend you list the homes with a realtor if you can get the properties sold without having to pay extra money to closing. If you cannot or do not want to risk your houses being foreclosed on and would like to sell your properties as fast as possible and not have to pay anything at closing, that is what I specialize in. I'm an investor, I buy real estate, any condition or situation. Contact me and I can see if I can help you out. There's no obligation and best yet it's free!

Good Luck,
Will Robles

888.605.9190 ext.1
will@firstcasasolutions.com
0 votes Thank Flag Link Wed Apr 30, 2008
A solution to consider is to work with a professional who deals with short sales. The process is long and takes lots of patience. As a seller, the banks will not allow you to receive any funds related to the sale. In additional, new legislation suggests that you should plan on moving at some point during the process. The simple principal is "If you are not paying, you should not be staying". Meaning that if you are not paying the mortgage, you should not enjoy the fruits. That would go for rental properties also.
Web Reference: http://www.tcatrealty.com
0 votes Thank Flag Link Fri Apr 25, 2008
Your situation sounds very unfortunate and like something that would easily qualify as a hardship short sale situation. With the market decline and the over abundance of homes I do not think withour doing a comparative market analysis that an educated answer as far as breakeven can be made. If you contact me I will do one for I am very familiar with these subdivisions and specialize in short sales and regular residential. Thanks and I look forward to helping you in this very unfortunate situation.
0 votes Thank Flag Link Wed Apr 23, 2008
Hi Vanessa, I am sincerely empathetic to your situation and am sure the emotional roller coaster you must be on is never ending. It looks like you have received good feedback and I agree with the responses. As suggested, you will need a Comparitive Marketing Analysis (CMA) to see what has recently sold, what is currently on the market in the immediate neighborhoods (in order to see what your competition is by looking at other's feautures, upgrades, price, etc.) and to research how long other houses have been on the market. I will be happy to provide you this information for FREE. I am interested to know if any of the mentioned homes are occupied and if you aren't able to sell them immediately, would you be interested in renting them out? I would be happy to personally discuss your situation either on the phone or could meet at your convenience. I live in MetroWest, but have a listing in Hunters Creek and the Lake Nona area, so I'm familiar with where your properties are located. It would be my pleasure to offer you free advice and to help out any way I can, whether you utilize me to assist you in selling or not. Good luck and I look forward to hearing from you. I hope your husband has a speedy recovery or a positive rehabilitation process. Thanks!
0 votes Thank Flag Link Sat Dec 1, 2007
I'm sorry to hear your situation. The truth is many people these days are in a similar predicament. My first suggestion would be to contact the loss mitigation dept. at your mortgage company and find out if you qualify for a short sale. They're getting a lot of calls and it is a frustrating process getting transferred to a different person a gazillion times. It pays to be persistent here. You can also contact a HUD approved counselor. There are 4 in Central Florida and the contact info can be found on my post at http://sworlandoblog.com/2007/10/04/10-tips-to-avoid-foreclosure/

Hope this helps. It's taking a really long time, probably close to 6 months to sell a home in Orlando and if you bought a year ago then you will most likely have to take a loss to sell. Your best options are contacting a HUD approved counselor and loss mitigation.
Web Reference: http://sworlandoscoop.com
0 votes Thank Flag Link Fri Nov 30, 2007
Disclaimer: I am a California Agent. However....I do have experience working with lenders and short sales and I am more than happy to help you. You can go to my website or shoot me an e-mail and we can set up a time to talk on Monday. I am not soliciting business.....I am on the other side of the country.....but I am heppy to help you navigate the waters. Good luck!
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Sat Nov 24, 2007
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
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Vanessa
A couple of quick points.
I wrote a blog, four parts, on the shortsale process. You should read it asap.
http://activerain.com/blogsview/125091/How-The-Foreclosure-Process

Have you talked with a Realtor yet? I recommend having a Market Analysis completed ASAP. The lender is going to want one, so do it now.
So for as options, that's why you need to read my blog, then discuss with a Realtor. The chances are very good that other people are in the same bind you are. Lenders do not want to foreclose if they can avoid it. A sale for less than the owed amount is called a Short Sale. Lenders would rather do that, than take the home back.

Post more questions if you need to. Time is of the essence.
0 votes Thank Flag Link Sat Nov 24, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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