I agree with your answer Jon.
I've yet to be able to determine any rhyme, reason or logic for short sale approval. Even with the same lender, as it appears they have no policies or procedures that are the same from one loss mitigation officer to the next.... more
This is a short sale offered at 110k! These can be sold however can take a number of months to close!
Feel free to contact me if you would like any guidance or have any questions!
possibly they will put you in a special forbearance which is for 3 months then they can accpet or deny your loan mod, be prepared to send copies off all your most intimant finacial issues, evry month for the next 6 months always most always they loose documents or sya they are not legible. but bank your money if they make jump through hoops and they will only send the required lower amount if accepted by both u and they and not a head of time to show good faith if it is last payment at the end of the month send it at the end by due date but not before, they are attempted to collect a debt not really work with you, I have been learning this r trition game they like to pull call your PMI get them involved they dont want a claim, and they have in's with your lendor that us poor joe's can't touch or get a hold of... more
Do not agree to a deed in lieu without consulting an attorney. The devil is in the details and unless you are able to make sense of the terms and conditions, you may be waiving your some of your rights. I have seen some built in with promissory notes for the unpaid loan balances. Good Luck!... more
well, since nobody else will anwer your question I will:
The house will sell at auction. If nobody else buys it, the bank will.
YOU own the home, you will not have to leave until after the bank forecloses on it, which cannot happen until 90 days after they file a NTR (notice of trustee sale) Even then, they would have to formally evict you.
In reality, most banks are not that efficient, and sometimes they take alot longer.
Of course you can contact your bank and try to get a loan workout, as other realtors suggested. But that really wasn't your question, was it?... more
All bank owned homes that are for sale, listed by REALTOR'S (R) are supposed to be on the MLS. There are some "scam" companies out there that try to sell lists. and some legitimate ones too. In my opinion the best bet is to get with an astute agent that can set you up a website (fromMLS that comes direct to you) and they can have all REO listings sent direct to you. This way you can get only what you want. There are a lot of them out there now.
I represent the Seller on some of these properties and have Buyers agents who do this for people all the time. let me know if you want more info.... more
Past sales price and mortgage balance has very little to do with the actual sale price. In California, banks are putting the homes on a low prices, creating multiple offers, and ultimately a bidding war. I would hire a local Realtor (the bank pays their fee) and go from there. Good luck!... more