Hopefully your questions have been answered and you have received the information you needed. If not, and you still have questions or need assistance I have a link on my website to Short Sales sfrequently asked question designed specifically for homeowners who are facing harships and contemplating short sales. You can find many of the answers to your quetions there and additional links to information that will be helpful to you. I'm sorry for the hardships you are enduring. If I may be of assistance, please don't hesitate to contact me, I can easily be contacted through my website.
I am a professional short sale transaction manager with Reliable Property Solutions in the Phoenix area. I work with listing agents who handle short sale listings. We have about a 90% success rate in getting our short sale transactions closed successfully. I always recommend that you seek out a real estate attorney and a tax adviser who can evaluate your specific situation and help you determine which option is best and most appropriate for you. Once you have done that and determined that a short sale is best for you I would be more than happy to help you find a real estate agent that I know is qualified to handle your business. I do have attorneys that give discounts to our clients if you are in need.
I am open to new listing agents that are in need of help with your short sale listings as well.
I am sorry to hear about your circumstances.
I like that fact that they told you you have to pay to get help. The people on the phone are generally paid a commission to collect as much as possible. I agree with the others that said you probably qulify for a short sale. (negitive equity + a hardship= short sale canidite)
Make appointments with several SS agents and make sure they have the experience to handle your situation.
You can gain some knowledge here:
Best of luck
I know of property managers that will rent to you even if you do the short sale. You will typically need to move out when the home actually sells and closes which at this point is some time away. You will most likely be able to live in the home for a couple more months or more, not making house payments. This time may allow you to get caught up a little on other bills and or save some for your rental home when the time comes.
You can stay in your home during the short sale process, but you will have to move once it is sold. Timelines will depend on how quick you can get an offer, the bank's processing time and how fast the buyer wants to close. Your Realtor will be able to sit down with you to explain in more details the timelines and what to expect. The help we can provide in this forum is very limited.
You might get lucky if the buyer is an investor and wants to rent back to you. But you should not count on that, as it might or might not happen.
Most probably your credit is already being affected if you are 2 months behind. If that is a concern to you, you might want to start looking for a place to rent before your credit gets more damaged.
You have many options and the best one will depend on your personal circumstances. You have taken the correct first step, which is to discuss your situation with the bank. If you can not reach an agreement with them, or if what they say to you does not sounds right, you should consult a professional.
You seem to be a good candiated for a short sale, but without knowing more details it is impossible to know. The agents will get paid out of the proceeds of the sale and not from your pocket, and if done right, the lender will forgive the difference.
We are Foreclosure / Short Sale specialist and I live and work in Chandler. Please send me an email or give me a call to discuss your specific circumstances.
You do have options available to you! A short sale is much better for you than a foreclosure. Commissions are paid by the bank in a short sale. We work closely with the bank on your behalf to solve the problems.
We would be glad to provide you a free consultation to determine a course of action that will get you out of this situation as soon as possible.
Please call us as each situation is different, ie. Is the loan all purchase money? Is there one or two lien holders. etc?...
We will advise you on what your options might be and if we are able to help you...