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Found a homeowner that is willing to rent me his home that just went into foreclosure. Then I would like at the same time as I move in to put a short sale offer on it. The home owner is a realtor and tells me that without his signature the bank can not short sale his home, so I do not have to worry about any other offers to the bank acccept mine. Is this true? I am worried about 2 things. One getting kicked out of the home before the bank accepts my offer, and the bank accepting only my offer. The positives are I could probably purchase a $350,000 home for $200,000.

gmakerley · Posted: Mon Nov 02, 2009 8:12 pm Post subject:

you need to be able to check in with someone who actually works for the lender to see if what this realtor is telling is the truth. i wouldn't put blind trust in a seller who is in the midst of a foreclosure action, especially one whose position would normally engender belief in a buyer that he is giving all the correct information.

don't take the word of someone who is facing a foreclosure.

Guest

My friend was in forclosure with her home. She only had 2 days before the sale of her home trustee sale. She aquired a realitor that help stop the forclosure by way of a short sale. The forclosure action was stoped, but now there is a buyer that wants to buy her home. She has recently changed her mind about selling her home through a short sale, and wants to try to save it. how does she stop the pending paper work, and how does she go about securing a loan to help her take back her home.

sara · Posted: Wed Dec 02, 2009 2:53 am Post subject:

Hi thomas,

Your friend will have to contact the realtor and stop the short sale process. However, once she stops the process, the lender will have the rights to foreclose the property. Thus, she will have to apply for a loan modification immediately. If the lender agrees to her request, then she would be able to save the property. She would get a repayment plan which will make it easier for her to pay off the loan.

Take care.

gmakerley · Posted: Wed Dec 02, 2009 8:32 am Post subject:

are we to assume that your friend has caught up the overdue payments on her mortgage and that it is now in good standing? that's the only way in which this scheme she has now will work. no new lender is going to look at a borrower who is late on her mortgage, and the past-dues of the recent past will also not be looked upon favorably.

if she's in contract with this buyer, that's going to be another "sticky wicket" as the old saying goes. there is likely to be legal ramifications that she won't enjoy.

your friend needs good legal counsel. and quick!

christinehynes · Posted: Sun Dec 06, 2009 6:47 pm Post subject:

Dan - You definitely want to take a harder look at the short sale that you are in. I do alot of lending and have been in contract with a buyer and the lender never had a final approval for the short sale. You may still have time to do a loan modification or other things. Since you are in such a tight spot an Attorney is the best to handle this for you.

Guest

Hi - I am in need of advice!
My bank agreed to a short sale in January - that's when we listed it with the realtor. I have had 3 offers on the property. The bank countered the last offer and said they want 375,000 and none of the offers went through. Today they called and said that they are stopping the short sale. Can they do this? What does this mean? Will they just go on to foreclose the property or sue us for back mortgage payments? I am still living in the house and have not paid since June 09 - what should I do?
Thanks for all the input.

sara · Posted: Tue Mar 02, 2010 1:46 am Post subject:

Hi Heather,

If the lender stops the short sale, then there are chances that he would foreclose your property as you are delinquent on your mortgage payments for the last few months. I would suggest you to contact your lender and check out if they can offer you a modification or continue with the short sale.

Take care.

Guest

Just call the bank and tell them that you want to cancell the short sale and that the person you authorized is no longer authorized to speak on your behalf. It's that easy. Have you told the short sale buyer that you want out? These short sales take a long time and if you're doing this w/o letting the buyer know, that's not cool. Communicate with all parties and come to an amicable solution.

gmakerley · Posted: Fri Mar 05, 2010 8:42 am Post subject:

it looks like you're answering the original post, steven, which was a long, long time ago.

Guest

my spouse is doing a short sale on our home, its in his name and he says bank is doing this, is it possible or do you have to agree to this. and is there anything i can do to stop it. i live in the home with my kids. please advise

jameshogg · Posted: Wed Jul 21, 2010 1:32 am Post subject:

Hi mandy,

A lender will short sale the property if your husband is unable to pay off the mortgage dues any longer. If you want to save the property, then you need to pay the mortgage dues on time.

Thanks

jennysmith · Joined: 20 Jul 2010 Posts: 4 1.64 Dollars($)

Short sales are a way for homeowners to avoid foreclosure of their homes and still be able to repay their loans by settling with lender.The important to remember is that most homeowners wait too long to start investigate their options. Its almost as if looking for a pardon by the lender.

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