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I am three payments behind on my mortgage and have no way to continue payments. I want to negotiate a short sale option but I'm still unclear on the outcome of it.

Will all the debt be paid off or will their still be debt to be paid? Is everything final after it's agreed and signed, meaning it won't continue to haunt me anymore? I do realize that I will take the credit hit and it'll remain on my record for at least 7 years, but I can live with that. I just want this to be over.

I don't want to keep the house, so is short sale the best option I have or is there something better.

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

what I presume from your response is that you have another home to live and even if you loose this home you won't be homeless. Am I right?

Ok then in this case short sale is the best option but again if your lender has financed the home for example $ 150000 and the current value is somewhere near $ 100000 then the deficit is $ 50,000 then it is the sole discretion of the lender that whether they are going to approve it or not.

Short sale is more cheaper and fast option for the mortgage borrower as compared to foreclosure.So according to me you should go ahead with the short sell.

keep in touch..............

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Guest

Welcome to the forum

Your simplest option is to do a short sale, which will affect yoru score by 50 - 100 points. But you are already late on yoru payment, your hit on the score will be much higher than that

Also the deficient amount may haunt you later if you do not negotiate properly with yout bank. You will need to get a short sale specialist who can negotiate with bank for you

Good luck and feel free to ask

Posted: Tue Jun 16, 2009 11:30 am Post subject:

I have another question. Do I need to pay the short sale specialist or do they work for free and get a commission after the sale is negotiated? Sorry to ask such a question, I'm new to all this.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Guest

The commision will be paid by the bank, but you need to have the terms propery writeen before doign business with the short sale specialist

good luck and feel free to ask

Posted: Wed Jun 17, 2009 8:52 pm Post subject:

So what are the process of writing the terms? How do I write it up? Are these the terms that I want to happen?

Do I contact the lenders first to negotiate the short sale before I contact the specialist or vice versa?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Guest

You would hire a raltor who is a shortsale specialist. How do you you fidn the specialist, it needs some work. Enquire and find out people who have been able to do a successful short sale in yoru area or city and get thier feed back and find if the realtor is suitable to meet yoru needs

good luck and feel free to ask

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I cant make payments on my mortgage anymore.