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Looking For…, Home Seller in Reno, NV

Who do we talk to?

Asked by Looking For Help In Ma, Reno, NV Sun Jul 29, 2012

We are behind in our mortgage and have received a Notice of Default with 150 to cure the default. The 150 days are almost up and we can't come up with the amount owed. But the lender, IndyMac/OneWest is not willing to work with us at all. We don't think we can do a short sale because we have a second mortgage on the property, but we don't know for sure because we don't know who to speak with...lawyer, real estate agent??? If we could do some type of modification, we could keep up the payments but we need help negotiating with the lender and don't know who to turn to?? We have spoken to a counselor from the Hope Hotline, but honestly she was not much help. Any advice would be appreciated.

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As mentioned, sometimes a Realtor can buy seller's in default time by virtue of a short sale listing and ultimately getting it in escrow but no guarantee. Obviously an attorney could as well with bankruptcy, stall techniques etc. but could cost some dough.

It is a gamble and I am not advising this, but if they have not filed a notice of trustee's sale, many people in this town/state are living for free in what is called a freeclosure. It could be days or years before they file a notice of trustee's sale and even then they sometimes don't foreclose. Again, this last scenario is a gamble and can be stressfull.

You may get a cash for keys offer from the bank or investor if foreclosed on or bought at court house trustee's auction. Many people counter the bank or investor a higher cash for keys offer of double their first offer and see where that takes the negotiation thereafter, that can sometimes backfire and trigger an eviction however but they still need to follow statutory guidelines/timeframes.

These are hypothetical examples, of a general nature and of course not legal or tax advise. Feel free to contact me now or in the future if you go the freeclosure route, I help a lot of people in default and of course every scenario is different.
0 votes Thank Flag Link Mon Jul 30, 2012
Also, even though IndyMac is not willing to work with you it can be a whole different ball of wax if your real estate agent contacts them on your behalf. However, if the sale has already been schedualed the investor may be unwilling to budge. The only way to discover what options you actually may have at this point would be to hire an agent or an attorney to negotiate for you.

Forget your worries about the 2nd- the 2nd would probably be happy to get anything at this point and can be easily negotiated with.

If your intent is to keep the home then I would suggest an attorney. Real estate agents in general do not have the license to negotiate a loan modification. See whether the folks at the Nevada Hardest Hit Fund can help you, if not you will need an attorney.
0 votes Thank Flag Link Mon Jul 30, 2012
I agree, contact the Nevada Hardest Hit Fund as soon as possible. They have several programs, one in paticular might be able to eliminate the 2nd mortgage so you'll only have the first to contend with. This may allow you to stay in the home or make it easier to short sell it. The Nevada Hardest Hit Fund has several million dollars from a federal grant -they want to help you! Their website address is: http://www.nevadahardesthitfund.nv.gov and their Reno number is 284-0302. They have helped several of my clients. -Rob
0 votes Thank Flag Link Mon Jul 30, 2012
Yes, it appears that you are running out of time and options. I would reccommend a program called "Nevada Hardest Hit Fund". Phone 855 428-4357. I have seen them help more people than most programs. If this does not work out, call me. I may be able to suggest some other sources. Don Robertson 775 224-6409.
0 votes Thank Flag Link Sun Jul 29, 2012
Just because you have a second on your mortgage does NOT mean you do not qualify to short sale your home.
It depends on when you purchased the house, how much you paid for it, your hardships, what it is worth NOW and what you used the second mortgage for AND your income!!
There are a lot of factors involved.
I am a short sale specialist and can help you speak with your lender and see if they will allow you to do a short sale or not.
If I can be of further assistance, PLEASE contact me.

Holly Tuhey
Trans-Action Realty 500
0 votes Thank Flag Link Sun Jul 29, 2012
The HOPE hotline is a waste of time. You need to call a local attorney. Google "Kidder Law Group reno" or "Darby Law Practice reno" and call them. If they they advise you to do a short sale and you agree then call your real estate agent.
Web Reference: http://renownhomes.com
0 votes Thank Flag Link Sun Jul 29, 2012
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