Real agents talk about a shortsale as a remedy to your problem because naturally it leads to a commission for them if the house sales.
Let me let you in on a little secret from someone that actually deals with lenders every single day. In order to deal with your lender in a fair fashion you have to have something to make them negotiate with.
What a few insiders are doing when lenders don't want play fair is that the get a forensic mortgage audit, find violations on their loan and hire a lawyer and force the lender to modify your loan. Simpler than you think and wields tons of better results.
Also way cheaper than buying a new house and $60,000 down in market where cash in king. Even mortgage brokers who are in trouble with their own personal home loan use this method to negotiate with lenders for loan modifications. For about $5,000 you can stay in your current house and put that money towards the new mortgage payments from a settlement with the lender.
But in your mind you feel you must go this route find a mortgage broker that deals with foreign nationals. You can find one at sites like brokeroutpost.com just like you can find a realtor on trulia. Isn't the internet wonderful. LOL
Who is the lender that giving you trouble? Some are more predatory than others. And here's big secret they don't have the authority to approve a loan modification its their investor that behind them. But if you find violations associated with the loan then investor must be notified and that's when they will usually bend to your will.
85% if loan originated through mortgage brokers have at least one violation, I pretty sure yours does.
I'll ask you a couple questions where you can decipher whether or not what I am saying is worth your time.
Let me a ask you.
Do you get a stated loan where you didn't have to submit any tax information to the lender to qualify.
Has your monthly loan payment has increased more than $200 in the past year.
Has your monthly payment will increase by more than $200 in the next six months, or
Has your loan has a pre-payment penalty longer than three years.
Was your home was originally appraised for a higher value than homes were selling for in your neighborhood.
Did you Realtor or title company steered you to a specific mortgage company.
If you answer yes to any of these questions you may have a case against your lender for loan violations.
By law if your lender is found to have violate any law associated with your loan they must halt all foreclosure proceedings until the the violations are corrected. You need an attorney to make sure they comply with what is called a demand letter an an injunction. So I wouldn't worry about the foreclosure thing too much unless of course you choose another method to resolve your problems.
Also you live in Connecticut . Your state right now detest the banking industry and their are tons of laws on the books statewide and federal in your favor if they violate the law during the origination and servicing of your loan.
The good part about choosing the legal route is that if its determined that the lender violated the law associated with your mortgage you can legally stop paying your mortgage and they have to stop reporting the loan on your credit until either a settlement or they prove otherwise their violations in court.
For a free consultation you can give me a call at 718-530-0738 or email me at firstname.lastname@example.org
I an writing a free report to be released soon called "Insider Legal Secrets to Loan Modifications Your Lender Hopes You Never Find Out About." available at website below.
Regardless of the method you choose get a forensic mortgage audit from a reputable company and an attorney that is versed with negotiating with lender's before considering any loan modification.
First of all, let me say that I am sorry to hear about your situation. You are not alone. The good news is that there are many options available to someone in your situation and there are many solutions available that can help you. While I don't know the details of your current financial distress, therefore it is difficult to truly advise you, what I can say is that you have taken the first step towards either staying in your home or getting out without severe damage to your credit.
My office, Century 21 Home Services, has an affiliation with a company that provides a no obligation consultation to help you know what your options are. Together with them, we offer specialized services in loan modification assistance, credit restoration, quick purchase program, and if your home is worth less than you what you owe, we can also assist with successful execution of a "short sale" (where your bank agrees to forgive any remaining debt from the purchase of your home). First, they will exhaust all scenerios to help you stay in your home, they are also commited to helping you manage the transition period of your life to assist you in retaining your home or finding a new one.
It would be my pleasure to connect you with this company. Our office has assisted many home owners like yourself and has had great success with this wonderful partnership. If you would like to find out more, please contact me and I can get you in touch with them.
I hope that you are successful in determining the best course of action, and if I can be of further assistance to you, please don't hesitate to contact me.
You wont qualify for any type of mortgage for awhile, but you can be on title for a home. However you really need to sort out your present situation first before worrying about whether you can own a new home or not. You cant just walk away from your home and let it foreclose and have no repercussion. You will still owe money and the bank wont just let it slide.
I would suggest your father try to obtain a loan in Mexico to purchase a home here.
From your perspective if you plan on buying another home, then you need to figure out
1, How you got into this mess in the first place - so it does not happen again
2. To qualify for a short sale, you need to prove hardship...meaning you are broke and cannot pay your bills. That means that you will not qualify for a mortgage.
3. You could try a loan modification, however they may not talk with you until you are behind in your payments...again, it will hurt your chances to by a new home for a while.
I think you need advice from a sharp local Realtor who knows all of the details about your home and your personal situation.
The best thing you can do is keep making your payments. Maybe work out a short sale with the lender meaning go through the approval process to short the money that is owed to your lender through the sale of your house. It will be less damage on your credit. Are you currently behind on your mortgage or are you current? Maybe the better solution is to see if your lender will consider a short sale.
If I can provide you anymore advice, please feel free to call me at 307-9600 or e-mail me Kristina@prudentialct.com I mainly do my business in Torrington & I can guide you through the process if you are interested.
Have a great night!