Home Selling in Columbus>Question Details

iledford, Home Seller in 43119

Has anyone negotiated short sales with credit unions in Columbus area? Was told I'd have to carry deficiency balance & no debt forgiveness.

Asked by iledford, 43119 Fri Dec 14, 2012

House isn't my primary residence due to job loss so rented out. Tenants now can't pay full rent. Also mortgage is higher than the amount of rent I'm able to charge.

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There are a couple of factors that would come into play here including: do you have reserve funds and what is the amount of these reserve funds, are you already behind on your payments and if so how far behind, what type of loan is this a purchase money loan or a home equity line of credit, etc. That said, how the deficiency will be handled is part of the short sale negotiations. You clearly have a justifiable hardship given the job loss and your efforts to rent the home demonstrate to the bank you've attempted to do the responsible thing. It also appears as though the property is located in the Galloway area based on the location included in your profile and this is an area that's been hard hit and seen values tumble in recent years. We specialize in short sales and I'd be happy to discuss your situation with you further. I'd invite you to give me a call or send me an email. You may also visit our site using the link below for additional information on short sales and the general process.

Jason Opland
Better Homes and Gardens Realty

0 votes Thank Flag Link Sat Dec 15, 2012
House is in Prairie Township/Galloway mailing address. Loan is conventional. Was one of those 80/20's. Credit Union holds 1st & 2nd. Payments not behind yet. Tried to negotiate short sale 1 1/2 years ago but deficiency they wanted me to carry + all fees was huge. Did have surplus of funds then but dwindling down now to no job & tenant issues. I was told that this credit union never forgives debt & forces people into bankruptcy, rather than give up rights to pursue deficiency.
Flag Sat Dec 15, 2012
As a short sale specialist, I find that the majority of the time the debt is forgiven in full. Usually the only time that a payment plan is set up is when there is a surplus in your financial situation. Please feel free to contact Jeff Alvis with Howard Hanna at (614) 947-9142.
Web Reference: http://AandGRealEstate.com
0 votes Thank Flag Link Sat Dec 15, 2012
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