tryingtosave…, Home Seller in Los Angeles, CA

how do I delay my short sale,bpo about to be done.is it better to come in high or low on bpo?

Asked by tryingtosavehome, Los Angeles, CA Wed Nov 4, 2009

The reason for the short sale is only to avoid looming foreclosure and give me time to find an income so i can try to modify my loan. I lost my income for many months and foreclosure was days away when I requested the short sale.

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8
Reuben Dunn, Agent, Yorba Linda, CA
Sun Sep 1, 2013
A bit late in the day for the answer....

A short sale will not postpone any pending foreclosure action, unless an offer has been made to the lender, and has been accepted.

Insofar as verification of income is concerned, most lenders would require a full 30 days worth of pay slips in order to process the short sale paperwork, or a modification of the loan for that matter.
0 votes
Yanni Raz, Mortgage Broker Or Lender, los angeles, CA
Sat Sep 29, 2012
If you want to get rid of this house then you definitely need to short sale it and for you the price not really matter. Some says that you will get taxed for the difference, which is true but in reality accountants are fixing these issue to millions in America.

If you would want to stay at your home, there is a way to do it.
I attached an article that will help you.

Read it through and see if this a great idea for you or not.
0 votes
Felix Hung, Agent, Huntington Beach, CA
Sat Sep 18, 2010
You need to contact an attorney for this one. The nature of this question is asking for advice on how to delay and stall a short sale to complete a loan mod. This is out of my scope. Google your LA city and real estate attorney or loan mod attorney and see what you find.
0 votes
Jesse Sierra, Agent, Pomona, CA
Thu Nov 5, 2009
Hi Trying to save home

You need to talk to a real estate attorney and your lender.


Best Regards,

Jes Sierra, B.Sc.
Realtor®
Century 21 Beachside
Chino Hills, California
0 votes
Alexandra Pa…, Agent, Montebello, CA
Thu Nov 5, 2009
You really have no control over the BPO, if it comes in higher then the person purchasing the property would have to increase the price. The BPO is an unbiased value sort of like an appraisal.
0 votes
Dot Chance, Agent, Burbank, CA
Wed Nov 4, 2009
You've gotten some good answers here. You have no control of the bpo coming in high or low. The agent will give an honest report of the present value of your home.

Best to you!
Web Reference:  http://www.DotChance.com
0 votes
Jenny A. Le, , California
Wed Nov 4, 2009
Are you collecting unemployment benefits? If yes, are you aware of the following option...?

http://www.ows.doleta.gov/unemploy/pdf/uifact.pdf ... Inquire with your current lender to see if you are qualify.

You can do this yourself and you don't need a lawyer....http://www.hopenow.com/unemployment-resource2.php

The best way to delay a short sale is for the home owner to make a partial payment on the past due amount, then negotiate with the bank for more time to allow the home owner to bring the past due amount current. The bank wants "proof" of income/funds. So providing proof to the bank may result in a successful delay.

The broker price opinion (BPO) provides an unofficial/estimated market value of your property. The bank uses the BPO value to compare with the offers it receive...to make a decision to approve or deny a short sale (although there are other factors which the bank would approve or deny.)

A high or low BPO will negatively impacts the home owner in a short sale ... a high BPO may discourage buyers (aka long listing days on the market), which then leads to foreclosure for the home owner. A low BPO could means the home owner may owes the balance of the net short sale (Mortgage balance less discounted purchase price = amount owes by home owner.)

Contact your local non-profit housing agencies for loan modification assistance.
0 votes
James Gordon…, Agent, Hamilton, OH
Wed Nov 4, 2009
Trader you need to contact an attorney. It sounds like you entered into a transaction with no intention of compleating it from your 2 questions.

Time to lawyer up!
Web Reference:  http://www.Find1Home.com
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