We got a call yesterday from someone who had a relative that had gotten behind on their mortgage. The relative wanted us to call the "could be" seller and see if a short sale We know the neighborhood well...we have never been to the house...but knowing the description and the area...it is what we call locally "Old world Charming." It has wide baseboards, built in buffets, arched doorways, real plaster...hardwood floors...lots of character. The seller had lost his job...and not been able to make his mortgage payments.
He worked at part time...any time ....all the time jobs until he was able to find another full time job and get his finances back on track. He had diligently tried to stay in touch with his lender...updating corporate America on his financial status as often as he could. Now he can afford his mortgage...and the lender says "too late"....the foreclosure bus had left the station.
We have run into this situation a number of times before and are usually able to stop the foreclosure and arrange for a loan modification and every one...including the lender...lives happily ever after. We don't get paid...at least not in the kind of commission you can put in the bank...for arranging a loan modification. The payment is in the smiles, the thanks, the tears...theirs AND ours for having saved someone from foreclosure. That is more than payment enough...and more gratifying than any bank deposit.
The sooner you contact a real estate professional with successful short sale experience...the more options you have as a homeowner. If you are behind on your mortgage payments...you may have options...let someone with experience help you determine what they are and what may work best for your particular situation. No matter where you live...give us a call...locally: 414-525-0563 or Toll Free; 877-525-0563...Help is just a phone call away...do it now and multiply the choices you have to remedy your situation.
Contact a bankruptcy attorney. A chapter 13 will stop that foreclosure and, if the owner can present a feasible plan to repay the arrears, they can keep their home.
A chapte 13 bankruptcy is not as harmful to a credit report as a foreclosure. They have nothing to lose if they can now make the payments.
This isn't legal advice.
I have had a few situations also where the seller was offered a modification when we had the home on the market as a short sale. I consider it good news for the seller most of the time. If they want to keep the home, they consider it great news. Its when they owe so much more than the home is worth and it will take too many years to recover the loss that bothers me. If the payment is low enough, however, I guess the math still works out unless something else happens and they need to sell later. Its just so hard to ever build equity when they are that upside down.
Thanks Lenn...we start our short sale conversation with every seller with a list of folks...several attorneys, an accountant...credit repair...thank you ....know that will be at the top of the conversation later this morning.
You bet Nancy...in every situation there are a lot of "yeah buts and what ifs"....upside down is tough....no such thing as tooo much information in this situation.
I agree...it is better to do the right thing and get paid in smiles than the other option :-)
Gosh, I hope everything works out well for this gentleman. Sometimes you just gotta shake your head and go wha? Huh?
And as for the payment? There is nothing better than good will.
You better...Gooder is better ladies.....we do short sales....but not as the first option when there may be others that better serve the seller(s).
Hi Sally: By the time short sale sellers call me, they've almost always tried to do a loan modification and failed. The first thing I do is send them literature from our state REALTOR association, which answers questions about short sales, affects on credit and tax ramifications, because like Lenn, I can't give legal advice.
Like Lenn ? Like ANY Realtor...we have a list of real estate attorneys...that is the shortest distance between 2 points of a short sale...or not a short sale...
Getting paid in smiles, hugs, and good will works for me too! It makes it all worthwhile.
It's the very best reward there is....and it can be put in your memory bank for a lifetime.
I love your attitude about helping, which leads me to believe that
Some day we will fly out to sunny
California and you can find that out in person....I do a mean jitterbug too !