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Posted: Tue Jul 19, 2011 12:10 am Post subject: can i negotiate settlement?

I have a mobile home and am current on payments. I owe 31K. I am retiring soon and have bought a house in Fla where I want to relocate. Would a real estate lawyer have much luck negotiating this way way down and let me walk away amicably?

sabrinatoss · Posted: Tue Jul 19, 2011 1:23 am Post subject: hi Guest!

Yes, that would be a good idea. Let your real estate lawyer fix everything for you since it is expected that they have the right skills and knowledge about getting through to some loan problems.

gmakerley · Posted: Tue Jul 19, 2011 7:44 am Post subject:

I'm not sure I agree with that reasoning. Attorneys who know real estate law aren't necessarily interested in getting involved with negotiations by a homeowner who wishes to convince his lender to settle for less than he owes.

It sounds like you'd like to accomplish having the home sold as a short sale. If you have an attorney willing to jump into that sort of deal, then I guess you can go that way.

I suspect lawyers who'd be willing and able to help you will be few and far between.

chrisgummerson · Posted: Tue Jul 19, 2011 4:22 pm Post subject:

Do you have any value over the 31k you owe? If you do, you should be able to just sell the property. Foreclosure is not good, short sales, and deed in lieu are better alternatives. Personally, I would not hire an attorney. They only take money from you and provide no results. Many many homeowners hired attorneys for loan modifications, only to lose their home and money. If you want to do a short sale, get a real estate agent. Find one that ONLY does short sales. As they would know the banks process, and the market the best. Good luck!

gmakerley · Posted: Wed Jul 20, 2011 11:53 am Post subject:

Chris, I believe you meant to restrict your commentary on attorneys to the modification aspect of the business...is that a reasonable take on your commentary?

I won't disagree that there are a lot of snakes out there who have jumped on the modification bandwagon and made a ton of dough "representing" folk who never received the service they were promised.

The legal profession, in general, is honest and forthright. I hope you're not painting them all with the same brush.

Posted: Wed Jul 20, 2011 3:04 pm Post subject:

Yes, I did only refer to the Loan Mod and the like sharks. I have some great attorneys, but I saw first hand too many people losing their homes, when they were promised the moon...No disrespect to any attorney, just my own take on my own experiences with loan mods.

gmakerley · Posted: Thu Jul 21, 2011 9:57 am Post subject:

I know that was you, Chris, in response. My only reason to write earlier was to make sure that everyone else knew you weren't trying to slam attorneys in general. I figured I knew what it was all about to begin with.

Guest

Just to clarify, I owe 31k but it's probably worth only around 15k. I'm not sure a mobile home would be allowed to short sell. I want to move over 1300 miles and there is no way I will be able to maintain both my new house in fla and keep paying on a mobile home here. I don't just want to move out and abandoned so was hoping an atty could negotiate with the note holder to accept a small fee and terminate contract

gmakerley · Posted: Sat Jul 23, 2011 5:51 am Post subject:

Truly, I can't declare that getting an attorney to work with you will do you any more good than if you do it yourself. How much "a small fee" would be is going to matter greatly, obviously, to the note holder.

There ought to be a way in which you could effect a short sale - no it's not real estate, but the principle behind a short sale would remain the same. It'd be you trying to get out from under a losing proposition, the note holder accepting less than you owe primarily because taking the home and trying to sell it by themselves won't do much good, and affording someone who might want to buy it with a discounted price...these are favorable ideas.

Have you made any entreaties along the lines of a short sale? How much discussion have you had with the note holder about your requirements, your intentions and your desires? That's all important, after all.

oswingrant1 · Posted: Sat Jul 23, 2011 6:11 am Post subject: a settlement

yes you can negotiate your own settlement, but most homeowners are intimidated by it. There are even inexpensive settelment guides out there to walk you through the process. However, if you feel more comfortable with a lawyer, the choice is yours but ofcourse it will cost you a hefty sum with no guarantee. Even if i were inexperienced at negotiating a settlement, it would research it and atleast try on my own.

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