So you may remember my recent posting about bankruptcy. I went to a lawyer and she basically told us to go ahead and do the debt consolidation for our bills, and let the house go into foreclosure. Then if they come after us for the difference we may need to file chapter 13 bankruptcy. We can not file chapter 7 because of our income range.
ONe of the responses I recieved from my orgininal post was about doing a short sale on our house where the bank eats the difference (we owe more than it is worth with the current housing market). Does anyone have any info on this? We are not in a dream world of keeping the house, and although not making a payment and letting it forclose is an option, but not one that gives me alot of warm and fuzzy. I would rather do the short sale thing as far as I have heard. I just hate the idea of dodging creditors and not paying at all. I try to be very honest with all my creditors.
By the way we are not able to refinance because about 18 months to 2 years ago we did that when the market was high with an interest only loan so we have no equity, and are top heavy financed now.
Please let me know if any of you have done or heard of the short sale, or if you have any other suggestions. I really appreciate all of your help!!!
We can help you with the short sale if you are interested it would be easier to explain over the phone. ###-###-####
My hubby runs a company called Foreclosure Assistance Solutions, they save about 60 homes a week for people and get them back on track...email me if you're interested.
I also have a friend that might be doing short sales...I can get you his info too.
Here's the info for our friend who does short sales..he's a great guy..daddy of 2 kids...and my neighbor!
Jason Regensburg
Merge Financial
33 N Garden Ave, Suite 170
Clearwater FL 33755
###-###-####
fax ###-###-####
C.
____@____.com
G.,
I live in Spring Hill and my house got a sink hole. We got the insurance check, but we still owed about 30K on the house. We called several investors out and this one was the BEST http://www.wrobelindustries.com I know you don’t have a sink hole, but they buy for any reason and they were the highest out of 6 people we had out. We had closing within 2 weeks and we got to live in the house for 4 months rent free. You could give them a call ###-###-####) and they come out free of charge and see what they can offer you. We dealt with Hayden and his office is in Palm Harbor, its worth a shot. If you have any questions please feel free to contact me. Good Luck!!!
I would contact your financial institution about the short sale. Some won't agree to one unless your house has been on the market for 90 days for fair market value and hasn't sold. And even then it can take months to find a buyer and then for the bank to agree on the amount of the short sale. Also, the bank doesn't just eat the money. You will receive an end of year tax statement, a 1098 I think, kind of like you earned the money but didn't pay taxes on it. I'm not quite sure what kind of situation you are in but I would definitely consult your financial institution. They might be more helpful and understanding than you think. Hope this help!
You can do a short sale you need to call the bank and speak with them about this and see what they will accept usually a short sale is done when someone else wants to buy your home not to get out of foreclosure. You can also try to refinance out with a short sale from the lender. They will also do a deed in lieu of foreclosure where you just sign the deed over to the lender and its all over and done with. Just make sure you have your attorney look at the paperwork some lenders will require that you are still responsible for the note if it does not sell for as much as you owe on it but usually if you fight it and ask them to take it out they will. No one wants to go through the foreclosure process it takes a lot of money for the lender to do this with legal fees, court costs and all and then they lose money when they try to sell it or it goes to auction.I work for a lender and if someone is going into foreclosure we will always try to do the deed in lieu instead of any other route it usually will work out better for everyone involved. The bottom line is you need to speak with your lender and see what you can work out with them that will work best for both of you. Try to talk to the lender not the attorney that is doing the foreclosure for them because all the attorney is usually out for is the foreclosure they make more money that way. The lender may not be willing or try to play hard at first but you need to just keep trying eventually you guys will work something out you may also have to try talking to different people there some will be more willing to help then others. If one says no call back and speak with someone else.
G.,
My husband is a real estate investor and does quieta few short sales as well as taking over payments for people who are headed into forclosure. You can contact him at www.cashforhouses.com or his cell # ###-###-####- his name is Neil. He may or may not be able to help you depending on how upside down you are in the house , what the house is worth ect. If he can't help you he may be able to steer you in the right direction.
Good Luck
M.
Hi G.,
I work part time doing marketing for a friend of mine who is a Realtor and specializes in short sales. He has been a Realtor in Tampa for more than 10 years and is a very honest Christian man. If you'd like to run your case by him, you would get no pressure - just honest advice.
His name is Jim Cook at ###-###-#### or ____@____.com
I wish you all the best in this tough situation.
G.,
My husband has lots of knowledge on short sales! He is a realtor investor and can possibly walk you through a short sale. I am not sure though if this will help your situation but you can call him on his cell phone at ###-###-####. My husband owns quite a few homes as does his brothers. They know quite abit about the real estate market. I am sure he would be willing to talk to you about it. He also recommends that you buy the Dave Ramsey Book on financial freedom. Hope this helps!
Sincerely,
L. Jacobs
