Posts Tagged ‘short sale’

Should I Foreclose or Short Sale My Home?

Question:  Should I foreclose or short sale. Here is the situation. I bought a condo in Tampa, Florida in September 2005. This was my first real estate purchase and my primary residence until I transferred to Maryland for my job in July 2008. I have a first mortgage for $150k and a HELOC for $25k. The property has been short sale approved and there is a buyer that is going to purchase it for the price of $60k. We are ready to close but I need to pay all the delinquent HOA fees, late fees and attorney fees that have mounted up. I can not afford to pay the $3000 in late HOA fees to close on the short sale. Now, I am facing foreclosure. I have asked the HOA to waive the late fees and attorney fees so I can do a short sale but they are refusing.

Is it worth it to borrow the money from friends and family or should I foreclose or short sale?
Thank you,

Natasha
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Steps on How To Do A Short Sale

If you want to know how to do a short sale successfully, there are a few key pieces to really building a strong short sale case.

After you have found a homeowner who is delinquent with a notice of default willing to work with you, the first thing you need to do is have them sign some paperwork. The first thing they will need to sign is the authorization of release form. […read more]

Buying a Short Sale – Is it a Good Idea?

Thinking about buying a short sale? But not quite sure what’s involved? Well after you read this you know for sure if this is what you want. Buying a short sale sounds good and all, but believe it or not, most homeowners are just not patient enough.

A short sale is when the bank takes less than what is owed on the property in order to sell the property before it goes to auction. This helps the bank so they can eliminate excess inventory and shave costs associated with all the foreclosure fees. It also helps the homeowner avoid having a foreclosure on their credit and they can start over fresh. So it helps out both parties when a short sale is accepted. […read more]

Basics to the Short Sale Hardship Letter

The short sale hardship letter is one of the most common questions I get. How do I fill one out? How long does it have to be? What needs to be mentioned in the letter? These are all great questions. Let me share with you the basics of the short sale hardship letter and even give you an example of one.

Those of you familiar with a short sale, you understand that you are building a case to present to the bank. The hardship letter is a key component to building your case and getting your short sale approved. A good hardship letter that is heart felt can literally mean the difference between acceptance and rejection. I may not be as key as the BPO, but it definitely has a great deal of weight when getting these approved. […read more]

Question:  We have a mortgage with 20% of the amount in a HELOC with both parts of mortgage through Wells Fargo (May 2007). The house value is continuing to decline below the value of the first mortgage. If we walk away, short sale or go through foreclosure in Oregon…can the bank try to collect on the HELOC? Since we live in Oregon, we’re not sure what the best option is.

Answer:  – I’m sorry to hear about your foreclosure in Oregon. I hear this a lot right now as home values in some parts of the country continue to decline. Let me share with you some of the possibilities and consequences you might have as you go through this process. The good news is that you still have a lot of good options since your home hasn’t actually gone through foreclosure yet. Once the home is foreclosed on, there are not a lot of options, so time is key right now. […read more]