Financial distress - can't sell my home (living now out of state), credit card debt, no one can point me in the right direction

Asked by Moregon, 97060 Mon Sep 27, 2010

I have a home for sale in the state of Oregon. It's been on the market since March of 2010. It's currently listed as a short sale. I owe $215K and it's listed for $175K. I had two offers, but both backed out before the short sale process started. There are no pending offers, but the bank does have my hardship paperwork. I was current on my mortgage until this month, but I've now fallen behind because I relocated out of state and don't have the cash flow. I racked up $12,000 in credit card debt over the past year trying to remain current on my mortgage. I tried contacting several real estate lawyers and nobody wanted to help me. My mortgage company is now calling asking about my missed payment and I don't know what I should be doing. I have a sick feeling that the home will go through foreclosure before it sells. I've come to terms with my credit being ruined, but feel like I'm a fish out of water. I have no desire to keep the house as I have moved out of state. Help!

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Lexi, , Florence, OR
Sat Jul 11, 2015
have you thought of leasing it out? to help pay the mortgage and any repairs. (to someone with good rental record)
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Garett Chadn…, Agent, Gresham, OR
Mon Sep 27, 2010
Hi Moregon,

I definitely understand your frustration. I work quite a bit with short sales and have the Short Sale & Foreclosure Resource (SFR) certification from the National Association of Realtors® so I know the process inside and out. I'm surprised a bit that no one seems to want to help you. In order for me to determine if you would be eligible for a short sale I would need to have a detailed conversation with you. There are numerous factors that influence whether or not your lender will approve a short sale.

Make sure that the broker you are using to sell your home is experienced with short sales. If not, contacting someone that specializes in this area would be advisable.

I hope things work out for soon. If I can be of further assistance, please do not hesitate to contact me.

Garett Chadney, SFR
Principal Broker

RE/MAX Equity Group
(503) 495-3123 direct
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Tom Inglesby, Agent, Portland, OR
Mon Sep 27, 2010
Moregon, I understand your situation and I just helped a seller in your same situation and he called the bank and told them he was going to stop making payments and they said that they could not help him until his loan went 30 days late. We closed house on a short sale in 65 days after it went late. I have a Certified Distress Property Expert license and I would love to talk to you, but if you still listed there is a problem with me being able per Oregon Law discussing what I can do for you until you are released from your listing. Thanks,
Tom Inglesby
ABR, CRS, CDPE, Earth Advantage Broker
RE/MAX Equity Group inc
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Rick Sadle, Agent, Portland, OR
Mon Sep 27, 2010

Short sales can be a complicated process. There are many tactics one can use to both obtain an offer that will stick through the process and also to help make sure that the bank approves the offer once obtained. It's vitally important that your Realtor have short sale experience. If he/she doesn't, then I would have him/her get some help from an agent that does. A good real estate attorney that specializes distressed property owners can also be a big help. Let me know if you would like a good referral.

My web site at has a lot of good info on short sales and the process.

Good luck!
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