what do we do when we are 40000--60000 backward//inclu 2nd can we sell???

Asked by Steven235, Derry, NH Wed Jan 25, 2012

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Scott Godzyk’s answer
Scott Godzyk, Agent, Manchester, NH
Tue Jan 31, 2012
Steven you certainly can sell, you can use the short sale process. I work with a number of short sales and use an attorney to negotaite with teh bank on your behalf. It is a relative easier process than a couple of years ago. Please contact me and i can assist you through the whole process.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Tom McGuirk, Agent, Hampton, NH
Thu Jan 26, 2012
Having been the Selling Agent on the Home that Maryann Little refers to in a previous response, I can attest that the short sale option is worth looking into.

Each short sale is different but most with positive outcomes. The property we sold in Derry did include a cash out to the Seller. Never guaranteed but it is encouraging for a seller to be aware that there are options.

Tom McGuirk
Assoc Broker
Weichert Realtors PEYT
0 votes
Short Sale M…, Other Pro, MA,
Wed Jan 25, 2012
Yes, you can sell. You can bring cash to closing or try for a short sale. It's likely you've felt the effects of the current economy and if you can prove you've had a loss of income, reduction of income, death, divorce, or some other strain on your finances, many lenders are allowing homeowners to sell via a short sale.

We were able to complete a short sale last month in Derry and the homeowner received $23,000 cash at closing due to an incentive their lender provided. The homeowners owed over $220,000 and the lender accepted $110,000 with a full deficiency release. They were over 24 months behind. It's important you know what is involved in the short sale.

I would be happy to speak with you further.
Maryann Little, VP Mitigation
AA Premier Properties, LLC
0 votes
Joy Baker, Agent, Salem, NH
Wed Jan 25, 2012
A short sale may be your answer, depending upon your situation. If you would like to talk about it, I'd be happy to discuss it with you.
Here's a link to some information.

0 votes
Tim Moore, Agent, Kitty Hawk, NC
Wed Jan 25, 2012
Assuming you have not spoken to the bank about selling short, yes you can sell. You will need to bring the $40-60k in proceeds to the closing table so that your $40-60k can be added to the sale price to pay off the loan. You can not close a sale without paying off all debts (mortgage, liens, taxes) unless a short sale is being done and that requires the lenders permission. You have a 1st and 2nd making it even more difficult. You should plan to stay there and hope the economy improves in the years ahead. If you are no longer making payments or have some hardship such as medical, job or moving then you should talk to the lender to see if a short sale is possible. No hardship means they will not even talk to you about a short sale. Renting your house could be an option.
0 votes
Lise Tremblay, Agent, Nashua, NH
Wed Jan 25, 2012
Steven, I could consider a short sale. There are many questions that need to be asked in this situation. I have experience in them and have many agents in your area that are also. If you would like to chat with someone that could help just let me know.

Lise Tremblay
Prudential Verani
Office 603 459-1138
Cell 603 377-0771
0 votes
Dana Curtis, , Manchester, NH
Wed Jan 25, 2012
Yes, and you have two options. You can sell and bring the difference (if you have it) to the closing, or probably better yet you need to get with Realtor that is short sale certified to work with you and your current Lender to negotiate an amount that they would be willing to have you try to sell the home for.

The majority of homes on the market now are short sales due to to huge drop in values we've experienced over the past few years.

If you need the name and contact information of a short sale certified Realtor, feel free to contact me and I can move you in the right direction.

Good luck!

0 votes
Robin Chater, Agent, Derry, NH
Wed Jan 25, 2012
Of course you can sell--what it will do to your credit rating is another issue. You are about to experience what many people have been experiencing over the last few years. Short sales are not pretty, but their is always light at the end of the tunnel--eventually. If you need some help, please let me know.
Robin Chater
0 votes
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