I have a property as a loan assumption with qualifying. I am not able to keep up with the mortgage payments, times are hard and I'm desperate

Asked by Helpc, Corona, CA Wed May 11, 2011

I have a FHA Assumble Loan for a property in Corona, I can't afford the mortgage payments due to hardship and I just don't want to face a foreclosure on my credit. The min Credit Score to qualify for the lender is 620 and its a FHA Loan. I have tried accessing the website havemyhouse.com and I can't go in there for some reason it won't open. Its a beautiful home!! 6 bds/ 3 baths and a pool in the new model homes in Corona. Please only serious interested persons

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15
Alexander Gr…, Agent, San Jose, CA
Thu Aug 15, 2013
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes
Emily Knell, Agent, Huntington Beach, CA
Mon May 16, 2011
I haven't heard from you & was wondering if you would email me & let me know what your current loan balance is for your home that is assumable. Depending on how underwater your home is, you will find that any buyer will not want to offer on a home just because the loan is assumable so they can basically get themselves into your position of being underwater.

I have buyers that would love a home like yours, 6b 3ba w/ a pool in a newer area, but it will be a short sale. Which will NOT be as bad on your credit as a Foreclosure. Please don't do a 'Deed In Lieu" that is the SAME as a foreclosure on your credit record.

The buyers I have many of them investors, will probably be FINE if you need to rent back the house for a while, until you can get into another place. I have another listing in Corona right now & have short sold many homes at The Preserve in Chino, I will be in Corona this Thursday if you're available.

Please email me directly so we can discuss this further.

EmilyKnell1@yahoo.com
562-430-3053 cell
Realtor Since 1996
Distressed Property Expert
0 votes
Cameron Novak, Agent, Corona, CA
Wed May 11, 2011
Hi there,

You have been given some inaccurate information regarding short sales. When working with a proficient short sale negotiation team (such as ours), they can negotiate a release of your lien WITHOUT you having to pay for the amount you're deficient. Our office would be happy to explain the entire process to you.

To help you determine the best course of action, we'd need much more information about your situation, the loan, and the home.

Since we're neighbors, you might consider coming to visit our office at:

The Homefinding Center
4300 Green River Rd. #118
Corona, Ca. 92880.

Sorry you're having a rough time right now... many are in the same boat due to the economy.

Hope to see you soon,

Cameron
0 votes
Cindy Vedder, Agent, Irvine, CA
Wed May 11, 2011
Hi, Some of the info here is still incorrect. Please review the link I sent you and note the following below. Since we do not know what you owe to whom there are variables. However, there are programs that do not allow for seller judgements again the borrower:

You may also want to consult with an attorney who can further advise you.

HAFA Provisions

* Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
* Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
* Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
* Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
* Uses standard processes, documents, and timeframes/deadlines.
* Provides the following financial incentives:
o $3,000 for borrower relocation assistance;
o $1,500 for servicers to cover administrative and processing costs;
o Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.
0 votes
Emily Knell, Agent, Huntington Beach, CA
Wed May 11, 2011
I have buyers that are investors who are interested in larger homes in Corona, with 6beds & your current payment being $3800/mo I can tell this is a larger house. The investors I have would probably LOVE for your renters to stay. Because I already have interested buyers we probably wouldn't have to show the house more than a few times, which I know the renters would appreciate.

No buyer or investor is going to want to take over or assume a mortgage balance that is a LOT higher than current fair market value.

****IMPORTANT*** I hear agents telling you that the bank won't go after you for the negative amount, this is NOT something that's automatic, it needs to be negotiated with your Lien Holder(s). Also, it would be very important for me to know HOW LONG have there been renters in the house? Did you originally purchase the house as a Primary Residence? Have you lived in the house as a Primary Residence for 2 out of the last 5yrs? If not, you could face IRS "income" tax on the negative balance,,,which will still be much lower than at a foreclosure sale. It's important for you to know this.

**********Please email or call me directly so I can get some more details about your house. Don't let my zip code posted turn you off. I have another listing in Corona & have short sold many homes in your area. I can also guide you on how to purchase another home in less 2yrs or less so you can build your equity back up from the bottom.


EmilyKnell1@yahoo.com
562-430-3053 cell
Realtor Since 1996
Short Sale Expert
0 votes
Karen Parsons…, Agent, Laguna Beach, CA
Wed May 11, 2011
Hi Helpc,

It's so hard to find someone to take over the loan, I wish I could tell you differently.

In a short sale...you are not liable for the difference of the sales price and what you owe....as you would be for a repossession of a car for instance. My listing expertise is short sales (would hardly know what to do with an equity sale....just kidding) and one thing we make sure before we proceed with a close is to carefully review the short sale lender approval letter(s) to find the language which releases the liability for you....if it's not on the paper....we don't close.

It sounds like a lovely home, and I'm sorry you are in this position...have you considered a loan modification? I do not charge for loan mods, so this is not a solicitation, but I do have a resource which can help us determine if you might qualify....a legitimate source.

Would love to help in any way I can....I wish you well with whatever direction you go.

Karen
0 votes
Craig Yace, Agent, Corona, CA
Wed May 11, 2011
I think your responses were missed by the people responding to you. I'm hearing that you want to get out of the house and not hurt your credit or have a deficiency looming over your head. It's not easy to address all the ins-n-outs of your situation with a couple short posts. Give me a buzz and I'll see if I can help you through this and acheive YOUR goals.

Thanks,

Craig Yace | Corona Realty | 951-733-5400
Web Reference:  http://MakeCoronaHome.com
0 votes
Diana Margala, Agent, Rancho Cucamonga, CA
Wed May 11, 2011
Each situation is unique, what you need to do is speak to a short sale specialist. I have certification for HAFA and many other short sale programs. I help my clients understand what is available and what consequences there might be depending on their situation. Each one chooses what is best for them. We also have a workshop at our office that is free with no obligation in which a lawyer explains what different avenues are available for home owners who are underwater and can no longer afford their payments. I would love to come out and talk to you (no obligation and no cost to you) to help you understand your options. Remember that when you speak to the lender what they always say is “This is a debt collection service and we our attempting to collect the debt” so they may not give you all of the options that are available to you.

Give me a call so that I can help you!

Diana 909-560-0145
Web Reference:  http://www.dianam.com
0 votes
Cindy Vedder, Agent, Irvine, CA
Wed May 11, 2011
Oh, my gosh. You were given BAD information from the bank! You will NOT be stuck with the difference in a short sale.

That is part of the complication in dealing with banks today. They have so many properties and so many newer people answering questions that the information is sometimes not correct.

Please, there is professional help available to you and once I tell you how it works you will not have to cry at night any more. Part of your stress is not knowing the answers or actions to take. Let me help you.

Cindy Vedder
951.231.8439
0 votes
Tom Tennant, Agent, Corona, CA
Wed May 11, 2011
Im an REO & Short Sale Agent here in Corona working with a variety of clients in your position. There are several options available that may make sense for you. I have a team of short sale specialists, investors and non-profit organizations that we work with to help find the right solution for you. Please call me directly at (951) 808-4400 and I can explain in more detail.

Thank you,
TOM TENNANT
THE TENNANT GROUP
Prudential CA Realty
http://www.TomTennant.com
0 votes
Helpc, Home Owner, Corona, CA
Wed May 11, 2011
It is a little more complicated I am stuck and I am crying over this every night... A Short Sale I would like to avoid becuase then I will be stuck with the difference and I am not able to pay that want to owe that on my record, the lender (bank) advised me if I could have someone just take over the loan as an assume that I would be better off. The value of the house is less than the loan by a big difference and I realize that but the investor or who ever takes over once the market goes back up they will be able to gain huge profit over it its a beautiful home... I know it would bring the profit back up once the market goes back up but til then I can't make the payment... If I have to do the shortsale the lender said I would be responsible for the difference on the loan and that's what I am scared of, I have even thought of filling bankruptsy but I know that will ruin my chance to ever own home again...
0 votes
pafford cele…, Agent, Corona, CA
Wed May 11, 2011
Hello Homeowner,

My name is Celeste Pafford with Pafford Homes in Corona. You may want to try to do a short sale on your property. It is better than a foreclosure on your property. If you would like to call me, I can look up your property to tell you what it would sell for. If you decide to go this route, you would list the house, the agent would negotiate with the bank on your behalf to sell at current market value.

Please call me anytime.

Celeste Pafford
951.317.5571
Pafford Homes, LLC
0 votes
Cindy Vedder, Agent, Irvine, CA
Wed May 11, 2011
Dear Homeowner,

Since you indicate "times are hard" you could possibly qualify for a short sale. A short sale is far easier on your credit than a foreclosure. 1) you may qualify for relocation assistance from your mortgage holder 2) you will have as much as 200 difference in your fico score with a foreclosure -vs- a short sale 3) in a short sale your debt is eliminated (the difference between your sales price and what you owe your mortgage company) 4) the bank will not come after you for the difference whereas in a foreclosure you can be subject to all collection efforts up to 7 years and finally 5) if you have a sensitive job that conducts credit investigations a short sale will reflect more favorably than a foreclosure.

I am Certified with the National Association of Realtors as a short sale and foreclosure resource and will be willing to walk you through this process if you would like more information.

Regards,

Cindy Vedder
Web Reference:  http://www.cindyvedder.com
0 votes
Deb Pollock, Agent, Murrieta, CA
Wed May 11, 2011
Dear Honeowner..Have you thought about a short sale..you can buy another home in 2 years...and iisn't so bad on your credit..I am a certified specialiast for short sales, REo's and luxury distessed properties.. you can contact me thorugh my website @ http://www.dpollock.valuedagent.com ..I am also a Premier agent on Zillow and Trulia..It would my pleasure to speak with you and see if I can help you..
0 votes
BG, Home Buyer, Phoenix, AZ
Wed May 11, 2011
The key information any one will ask you is : how much underwater are you ? (outstanding mortgate vs comp). It seems like you are between two very difficult options; but, you have to select one.
0 votes
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