If your house is underwater but you have excellent payment history, what are your options for getting out of house? I've heard bank wont take

Asked by Valfig, Twain Harte, CA Wed Mar 3, 2010

back house or do short sale if payments are current, is this true?

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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
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Matthew Bart…, Agent, Glendora, CA
Wed Mar 17, 2010
Hello Valfig,

Do you anticipate that in the near future that you will not be able to continue making your current trust deed payment? If the answer is yes, under California State law your Lender can no longer refuse to work a modification simply because you're current on your payment. Nor under California Law can the bank make you stop your monthly payments prior to discussing a loan modification. I recommend that you speak with a licensed Attorney who specializes in Real Estate law for a free consultation. Best of luck!

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Tristan Cela…, , Marin County, CA
Wed Mar 17, 2010
https://www.HopeNow.com, (888) 995-4673, will get you started toward resolution.

Read the web reference.
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Voices Member, , Chicago, IL
Wed Mar 3, 2010
I agree with Patrick, contact your lender and see what they recommend. To answer your question, no you won't be able to short sell.

The question I have is that why can you no longer stay in the home? Have you sat down and figured out how much you would need to bring to the closing table if you went the conventional sale route?
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Patrick Thies, Agent, Anytown, IL
Wed Mar 3, 2010
There are many factors involved with doing a short sale. An owner needs to be in a hardship position (loss of job, medical bills etc.) and behind in payments. You can not have assets or be able to continue to make payments. The house loosing value is not a qualification on it's own. You should contact your lender to find out what your options may be.
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Anna M Brocco, Agent, Williston Park, NY
Wed Mar 3, 2010
In order to do a short sale, you need to prove hardship to the lender-- if you are considering doing a short sale any good agent can help--and you may also wish to consult with an attorney specializing in real estate--most professionals do offer a free consultation.
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