we are current on our mortgage payments - however we have struggled to pay them for the last couple of years - we have an opp. to live in a family

Asked by Lowrain, 23434 Fri Apr 23, 2010

house ( the house my father grew up in) for however long we need to rent free - we have to sell our house quick b/c we will be falling behind on our payments shortly - we don't want to stay in our home so we are not wanting to modi or refi - any suggestions on how to quickly get out from under this note- we don't have hardly enough equity to even pay a real estate agent?

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Charles Lewis, Agent, Virginia Beach, VA
Thu May 6, 2010
You have many options available to you! What you do not want to do is ignor the situtation. Start talking with your lender and a Realtor in the area. They can help provide you with your options. For information about avoiding foreclosure visit my website!
0 votes
Patrick Sams…, Agent, Centreville, VA
Sat Apr 24, 2010
Hey Lowrain,

Why keep paying if you don't have any equity and you're struggling with the payments. In the new Obama world you should feel entitled to walk away and let the government fix your problem. Don't feel that you have any obligation to pay the same Bank that forced you into a bad loan and than incredibily expects you to pay them back. The world is now set up for you to walk and blame someone else.......welcome to the bizarro world, where the bad bank gets screwed and the poor homeowner gets protected!

Please feel free to walk and make it someone else problem!!!!
0 votes
Keith Manson-…, , Milwaukee, WI
Sat Apr 24, 2010
It is time to start collection information so you can make good decision on how to handle your situation. The first thing is to contact the bank and lay the cards on the table to see what can be done. If nothing can be done, get a payoff to establish what you need to satisfy the loans and contact a realtor to see if you meet the new HAFA guidelines for a short sale.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
0 votes
Molly Bering…, Agent, Ocean City, MD
Fri Apr 23, 2010
IT IS IN YOU BEST INTEREST TO GET A "REALTOR" WHO KNOWS YOUR MARKET AREA, FOR THEIR PROFESSIONAL HELP!
Web Reference:  http://www.mollyb.com
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Fri Apr 23, 2010
Lowrain, regret to hear that you are having a tough time.

Prudent for you to check if you can rent and be cash flow positive or call a few agents who can
and understand a short sale. But of course at the same time call your bank or lender.

Goodluck.
Perry
Web Reference:  http://www.ruthandperry.com
0 votes
Dawn Crocker, Agent, Chesapeake, VA
Fri Apr 23, 2010
That is great that you have a family home you can go to rent free to help you get back on your feet. We have several solutions that can help you. We are lifetime residents of Suffolk and would be happy to provide you with a free, no obligation consultation to provide those options for you. If you would be interested in the consultation just give me a call at 757-618-6905.
Sincerely,
Dawn Crocker
0 votes
Scott Godzyk, Agent, Manchester, NH
Fri Apr 23, 2010
Your 2 options then are to rent the hous eif the amount will cover your expenses, if not call your bank and ask them for a short sale package, you should then find a broker who is well experienced in short sale sto help you through the process. If you do decide to rent, then by all means try and get a loan modification while you are still living there, once you move out and once you tell them you are not there, your options of any bank assistance will diminsih to nil. good luck working things out
Web Reference:  http://www.ScottSellsNH.com
0 votes
Dp2, , Virginia
Fri Apr 23, 2010
You have a few different options. Besides renting the property yourself, you might consider working with an investor on this. Please feel free to contact me for more details.
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Bob Movin-On, , Hartford, CT
Fri Apr 23, 2010
I would rent the place and make up any difference until the market rebounds, many Realtors are going to suggest short sale but be advised short sale is a form of foreclosure and therefore carries life changing ramifications you may not want to be subjected too.

Good Luck
Bob Patrick
Buy a home after foreclosure expert
0 votes
Cindy Jones, Agent, Alexandira, VA
Fri Apr 23, 2010
Lowrain-the first call you should make is to your lender to talk about their guidelines for a short sale. They will have forms for you to complete to outline your financial hardship. You should also find a real estate agent in your area who is familiar with short sales and can determine the fair market value for your home. Lenders do allow for compensation for real estate agents from the net of your sale so you don't have to worry about hiring an agent to assist you in the sale of your home.

You can also consult a real estate attorney to see if there are any other options that would be right for your circumstances.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Apr 23, 2010
If you can prove hardship to the lender and the lender agrees, you can consider a short sale--a short sale occurs when the lender is willing to accept less than what is currently owed--your agent will be paid from the proceeds of the sale by the way--not knowing your financials, assets, etc., you may wish to consult with an attorney who specializes in real estate beforehand--most professionals do offer a free consultation.
0 votes
Christopher…, Agent, Methuen, MA
Fri Apr 23, 2010
Lowrain, I'm sorry to hear about your difficult situation. I would recommend that you speak with an agent in your area who is familiar with the "short sale" process and they will be able to help you out. I would also recommend that you contact your lender directly and talk with them about your situation. Many banks have counseling departments set up now and they may have some creative options for you. You will never know unless you ask.
0 votes
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