Home Selling in Tracy>Question Details

Egm, Home Seller in Tracy, CA

Any experts (realtors/lawyers) in the Tracy area versed in Strategic Defaults? We are intersted in this.

Asked by Egm, Tracy, CA Wed Mar 10, 2010

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Coming soon, some banks are rolling out programs that will allow you to perform a short sale without damage to credit. These banks (After April 1) will allow you to sell your home short, provided that you are current on your loan through this process, and then give you a mortgage to allow you to buy back in at current prices within weeks of closing on your current home. Bank of America and Wells Fargo are planning this, others are expected to follow. Step one is to ask and be declined for a loan modification.

Regardless you need to determine if you are in a recourse or non recourse situation with your loan. Seek the advice of a tax professional and a bankruptcy attorney to seek clarity on all the reprecussions of loan modification, short sale and foreclosure. The accountant and BK attorney will give you the best information as to how to allocate your retirement proceeds in this process. In general its NOT a good idea to use them to bail yourself out of the home but it depends on your situation.
Web Reference: http://bob2sell.com
1 vote Thank Flag Link Thu Mar 11, 2010
Dear Dan Chase, Homebuyer,

Do you have any idea who Barney Frank is????? Legislators changed the rules so banks could gamble, and when things went really bad, Barney Frank said, WHAT CRISIS???? Fannie Mae and Freddie Mac bought up all the bad paper, artificially inflating prices, selling 1/2 million dollar homes to people whose income was ~30k/year. Responsible homeowners did not create this, but now we are paying the bill. Anyone underwater right now will be effectively RENTING their own home for the next 5-10 yrs until they can pay down prinicple enough, and prices stabilize more so, JUST TO BREAK EVEN!!!!!!!!!!!!! Anyone with that poor of an investment would DUMP it if they had half a brain.

I'm sorry, but it is not up to the little man individually to hold up the economy crumb by crumb while huge real estate developers walk away from bad investments, with little to no reprecussions; banks get bailouts while paying huge bonuses, etc, etc. This was a house of cards ready to tumble, and those of us who bought what we could afford are screwed. . Our retirements are already in the toilet.... Why would anyone continue to throw good money after bad into ANY investment, and YES, your residence IS AN INVESTMENT. Take the emotion, parental conditioning, WHATEVER, out of the mix and look at the numbers! JEEZ.
1 vote Thank Flag Link Thu Mar 11, 2010
Would you be intterested in keeping your home if it made sense??
Have you considered a Loan Modification or settlement?

do you have one or two loans?
If you want to keep your home, an easy prequalification is this:
1) How much is your first loan? under $729k
2) Is your first mortgage more than 31% of gross income combined.
Is Home upside down?

If you have more than one loan, you may be able to settle the 2nd loan if they are underwater.
For example, if your first loan is 45% of your gross income, principal interest taxes and insurance you may be able to reduce it to 31% of gross income.

I am available if you need help.
Settle unsecured debt, mortageges and credit cards
JoAnna Jensen
Legal Realty
925 699 5041
0 votes Thank Flag Link Sun Mar 14, 2010
There is no plan to make people be able to a short sale without damaging their credit. There is a plan if a lender agrees to participate to streamline the short sale process. If a property has multiple liens there is not much incentive for the secondary lien holders to release liens.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Fri Mar 12, 2010
You stop paying your mortgage. The bank forecloses. Your fico score is screwed. You may have problems with future employment and getting loans.

Why not just pay for the house? strategic means you could if you really wanted to and tried.
0 votes Thank Flag Link Wed Mar 10, 2010
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