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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi Short Sale!
The bank can go after your personal assets or can garnish your wages only if you are unable to pay off the deficient amount. If you pay off the deficient amount, then they won't come after your personal assets.
Thanks. |
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Rodney
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Post subject: Another Alternative to Bank Short Sale? |
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Hello,
Chances are i'll be moving from Woodbridge.VA to Huntsville, AL within a year or so. I live paycheck to paycheck and the move would be a promotion plus a better quality of life due to the difference in cost of living. My debt to income ratio is over 43%. I'm making my monthly mortgage payments, have never been late, but i'm struggling. I have an upside down mortgage by aprox. $100K. My question;
Since i'm not behind on my mortgage payments, Is there another alternative to short sale? or another program you can suggest? Am i stuck with my current job and have to pass up this promotion oppurtunity because of the debt i'd be stuck with?
Thank you and I hope to here back from you,
Rodney |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.05 Dollars($)
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Hi Rodney!
You can place your existing property under rent. This will help you to keep the property and you will be able to pay off the mortgage with that payment. You can even request the lender and try to negotiate for a short sale. May be the lender will consider your case.
Thanks,
Jerry |
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Underwater mortgage
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Post subject: Short Sale |
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I purchased a house in 2005 for $240K, currently owe $220K and the value is now projected (based on area comps) at $140-150K. Renting is proving to be difficult and I am considering other options. I am current on all payments and have never missed a payment. Is a short sale an option for me considering I am not a foreclosure risk? If I do get a short sale will is destroy my credit - currently 768.
Thanks |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi Underwater mortgage!
Welcome to forums!
As you are current on your payments, the lender will not agree for a short sale. Lenders generally agree for a short sale only when you have defaulted on your payments. In case if you short sale the property, your credit score will be lowered by around 75-100 points.
However, you can list the property in the market and see if you are getting buyers or not. If you get buyers, you can sell off the property. But you should remember that the loan will become due immediately if you sell off the property.
Feel free to ask if you have further queries.
Sussane |
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anonymous12
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Post subject: Does any one make mortgage payment |
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| Does any one make mortgage payment when the short sale is for approval with the lender. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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As far as I know, a lender approves a short sale only if you are delinquent on payments. So I don't think you need to pay the mortgage dues when you are waiting for a short sale approval from the lender.
_________________
Procrastination is the enemy of your financial sucess |
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sinking ship
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Post subject: short sale |
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| I have a 1st and a second mortgage, I owe about $252000, The house wa sjust appraised at $150,000. I can make the 1st mortgage payemnt but can't make the second, I was told by an agent to file the hardship and seek the short sale, My question is if the 1st mortgage accepts what happens with the second, will they just dismiss the balance or sick the sharks on me |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Hi guest
Though your first mortgage company accepts a short sale, you will still be responsible for the second mortgage. The second mortgage company will have all the rights to ask you to pay their dues. You can negotiate with them and check if they will forgive your second mortgage or not. If they do not forgive the debts and if you are unable to pay them, they may charge it off to a collection agency and you will have to pay the collection agency in turn.
Thanks |
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mrucl
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Post subject: Short sale |
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| I am current on my payments. My current FICO score is 744 However,I am in process of a short sale. What will be my expected credit score after the short sale? How can I resolve the credit damage with my bank? Finally, is it better to proceed with a short sale with attorney? The attorney fee is $3500. I have a great real estate agent. Thanks |
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hotshotjblaze
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Post subject: short sale |
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| I was just wondering if you have to continue to make your mortgage payments while your house in in short sale? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi,
To mrucl,
Credit score is lowered by around 75-100 points in a short sale. So, in my opinion, after short sale your credit score will be around 669 - 644. Once the short sale is over, you can then try to pay your other debts on time and you may even open some secured credit cards in order to improve credit. If you cannot negotiate with your lender, then you may take the help of an attorney otherwise you may negotiate with the lender yourself.
To hotshotjblaze,
If your short sale has already been accepted, then you will not need to pay your mortgage dues.
Thanks |
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DAVE G
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Post subject: 3 Properties - Just lost my Job 1 Has To Go |
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| I am 57 have a house in Calif - a condo I used to live in Calif that is now a rented seasonal and loosing 10K a year in addition is under Loan Bal in value by 45 K, plus I own a house in Maine. Just lost my 10K month job - Have excellent credit - I can no longer make pymts on all 3 properties - I can make it if the condo goes. Next month the condo HP will not be paid, the other two properties will. Can I negotiate a short sale with the condo lendor? Since that property is in Calif can they sieze the little equity remaining in the other two properties I own. |
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Mind
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Hi DAVE G.
It depends on your California loans. If your loan is nonrecourse, then the only thing the lenders can do is go after that property. |
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Celia
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Post subject: Waiting for second mortgage approval |
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| We are selling our home right now for a short sale amounting to $240K. We got offer for $220K. We owe $240K in the first mortgage and $40K in the second mortgage. THe net sheet settlement for 1st mortgage is $197,00 and the second is $3,500. We got an approval in the first mortgage but we are still waiting for the second mortgage approval. On the first mortgage requirements we need to close after 30days of acceptance. Can we close in escrow the transaction without the second loan approval? what happen to the second mortgage? Anybody know the answer? Thank you. |
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