I have to take advice and do a shortsale.

Asked by Sandy, Miami Shores, FL Mon Feb 8, 2010

I have 10 month late on mortgage and condo fees. I do not have credit card anymore.
I have a motorcycle under my name my uncle gave me and an older car that has no
payment.
I am afraid the mortgage company will go after my vehicles when i do shortsale.
Is it true? What about my wages?

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17
Erich Whiteman’s answer
Erich Whitem…, Agent, FL,
Mon Feb 8, 2010
As many have said, calling your lender is the first step. They will have an application process for a loan modication. They will need your last couple pay stubs, last 2 months bank statements, a hardship letter describing what occurred that you were no longer able to make your mortgage papers. The application itself is usually a short budget sheet filled out by you to show your houshold income and household debts on a monthly basis. Your request will eventually be assigned to a Loss Mitigator. Be sure and get that persons name so your agent and the closing agent is talking directly to the person deciding on your short sale, if the loan modification doesn't work.

The sooner you contact the lender and start the process, the better. You may be able to save your home if your current income would enable you to pay a modified loan payment. Even if a short sale is the option, the early work can speed the short sale along, since you'll have done your part and be waiting on an offer, then a Broker Price Opinion ordered by the lender to set a market value for your home.

Depending on the terms of the short sale, the bank may go after you to collect the difference between the original loan amount and the short sale net. You'll want to have your attorney review the closing documents. Roberto and Associates does a wonderful job as closing agents on Short Sales.
1 vote
Keith Sorem, Agent, Glendale, CA
Mon Feb 8, 2010
Sarah
I recommend that you talk with a Realtor in your area that is an expert in short sales.
If you need a referral (no cost or obligation to you), let me know and I will help you.

The best thing to do is not to walk away. Call your lender and start negotiating. They usually will pay the costs of selling (Realtor commissions, title costs, etc.).

Sorry to hear of your situation.
1 vote
Eli Givoni-S…, , Boca Raton, FL
Wed Jan 5, 2011
Hi Sandy,

We can definitely help you with your short sale. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
0 votes
Hannah Flieg…, Agent, Larkspur, CA
Sun Feb 14, 2010
Hi Sarah,

Here is a link to a website that has a free 1 hour video about all the options available and how to best return to home ownership in the future if that is your goal. Good luck!
0 votes
Barry Dunn, Agent, Fort Lauderdale, FL
Sun Feb 14, 2010
Sarah,

Please visit http://www.CDPE.com and find a local Realtor to assist you. CDPE = Certified Distressed Property Expert. There are no doubt several qualified agents in your area that can answer all of your questions and guide you in the best direction for YOUR particular situation. After you pull up the website, look for the link that says "Find a CDPE in your area".

Best of luck!

Barry Dunn
Keller Williams Realty Professionals
0 votes
George Wolfg…, Agent, Cooper City, FL
Tue Feb 9, 2010
Once again, the approval will outline the details you need to follow. Most lenders will NOT require you to sign a promissory note as a condition of your approval and will forgive the debt completely if they are in the 1st lien position. It will be there in black and white. It's the second mortgage held by a different lender that tend to release the lien from the property but not the debt. if you have a second mortgage you can usually work out a discount with them for far less than what is owed and a payment plan.

Your biggest issue will be the marketability of your condo and not the short sale. If you can get a buyer to give you fair market value, you will get your short sale approved. Don't let anyone tell you otherwise.
0 votes
Lisa Jones, Agent, Mount Dora, FL
Tue Feb 9, 2010
Sarah,
I would advise that you make sure when you get to the approval stage of your short sale, you ask for a full release of obligation from the note. Banks are starting to file deficiency judgments on people who short sold their homes. In the state of Florida, a lender has 5 years to file the judgment.
I use a real estate attorney to facilitate my short sales for this very reason. Many lenders will require that you sign a promissory note or unsecured note as a condition of the approval. Just because the lender is providing clear title to sell the home does not mean you will not be help liable for the deficiency or difference between what the home sold for and what you owed.
Best of Luck to you.
0 votes
George Wolfg…, Agent, Cooper City, FL
Tue Feb 9, 2010
It's hard to hire an attorney when you're broke. I have yet to do a single short sale where an attorney was necessary. When the bank approves a short sale, it states in black and white what their terms are.
0 votes
Alma Kee, Agent, Tampa, FL
Tue Feb 9, 2010
Dear Sarah,

It's important that you are released from liability for the deficiency on the sale "before" you sign any closing documents. Florida is a state where the creditor can go after you for the deficiency. They can file a deficiency judgement against you and possibly attach your wages!

Also if this is not your "primary" residence you may also owe the IRS a big tax bill.

Unfortunately there are some Realtors who claim to be short sale experts but do not know all of the ins and outs. You may want to hire an attorney to represent your best interests.
0 votes
George Wolfg…, Agent, Cooper City, FL
Mon Feb 8, 2010
For someone unable to keep their home, a short sale is your best and most responsible option. Once approved the bank will typically forgive your balance and you can move on with your life. I'm a short sale expert close to were you live, click my link below and let me know if you would like me to evaluate your situation. There is no cost associated with doing a short sale with me so don't let that be a concern, take care.
0 votes
Ana Gonzalez, Agent, Coral Springs, FL
Mon Feb 8, 2010
Hi Sarah,

Please give me a call to discuss your alternatives. I can also set up an appt with our office attoney for some guidance.
Hang in there, everything will get resolved. Best wishes.
Ana Gonzalez
Century 21 Tenace
954-792-6903
http://www.anasells.com
0 votes
Bob and Debb…, Agent, Danville, CA
Mon Feb 8, 2010
I'm sorry to hear about your situation. I would recommend speaking to a Realtor in your area who is a Certified Distress Property Expert. They can give you the information you need to make an informed decision. They key is to be totally honest with the professionals you are working with so that they can give you the best advice possible.
0 votes
Keith Sorem, Agent, Glendale, CA
Mon Feb 8, 2010
Sarah
I recommend that you talk with a Realtor in your area that is an expert in short sales.
If you need a referral (no cost or obligation to you), let me know and I will help you.

The best thing to do is not to walk away. Call your lender and start negotiating. They usually will pay the costs of selling (Realtor commissions, title costs, etc.).

Sorry to hear of your situation.
0 votes
Team Real Es…, Agent, STATEN ISLAND, NY
Mon Feb 8, 2010
Sarah,

I'm sorry to hear about your situation. As a certified short sale an dpre-foreclosure specialist here on Staten Island New York, my experience shows that the bank will not be looking to take your vehicles away from you. They will be looking at your tax returns, bank statements and assets. You can apply for a short sale concideration but you truly must qualify for it.
Click on the link bellow to learn about short sales.
Web Reference:  http://wp.me/prCwl-7N
0 votes
Lisa Quinter, Agent, Fort Lauderdale, FL
Mon Feb 8, 2010
Dear Sarah:

To my knowledge, I am not aware of a bank coming after your assets. It sounds as if you will certainly qualify for the short sale. If you did have assets the bank considered as too high - the bank would simply not qualify you for the short sale. My advice is to move forward and seek the assistance you need. I handle short sales for sellers, however, I am ADAMENT my clients hire an ATTORNEY who specializes in short sales negotiations. and then I list the property. It is a very long and tedious process in most cases so bring your patience!

Good luck to you and please do not hesitate to contact me should you need additional advice or consultation.

Lisa M. Brodeur
LMB Realty Corp d/b/a Alliance Realty
(954) 868-1416
lmbrealtycorp@aol.com
http://www.AllianceRealtyFlorida.com
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Mon Feb 8, 2010
Sarah:

It is very unliely that the lender would seek to seize your vehicles or your wages. Depending on your situationand the market value- you could possibly qulify for a short-sale and walk away with little damage.
0 votes
Ramiro Garcia, , Grants Park, Atlanta, GA
Mon Feb 8, 2010
First, you need to call your lender and speak with the Loss Mitigation department ( not the collections dept.) to see what options you have.
0 votes
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