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I need a short sale to avoid foreclosure
Indiana foreclosure
This is an actual comment from a client:
"We have a ton of medical bills, my company was sold and the new pay plan isn't enough to make the payment. We tried to sell the house for over a year, but used home sales are so slow, we had no luck. We just want out and find something smaller. We had a bankrupcy 2 1/2 yrs ago because my wifes business partner ruined the business, so all of our loans have high interest rates. We feel trapped. A friend told me about a short sale that he learned about from you. Is that an option? A forclosure has not been started but it will only be a matter of time. Thank you."
A short sale as definitely and option to avoid the foreclosure. We need to contact the mortgage company immediately as a short sale timeline is critical. If the foreclosure progresses too far the mortgage company may not accept the short sale.
A short sale can get approved but you must have a buyer and contract in hand for the mortgage company to review. This contract can be substantially less than what your mortgage currently is. We can negotiate with them to accept this lesser amount if we can prove to you no longer can afford the home.
Comments
I closed on my home (was brand new construction in a development which is still being built) I paid $324,916.00. After I closed the housing market started to crumble. Orrin Thompson, the builder has been unable to move their inventory of new homes and has since offered the same home style for 50-90 thousand less than I paid. This has resulted in my being upside down in my home's value by nearly 70 thousand dollars despite my 18 thousand dollar down payment at the time of purchase, I have not refinanced the mortgage since the purchase and I have not missed any payments (they have been nearly 25 days late at times) due to my being self employed also in the housing industry and my income has suffered significantly.
I am unable to refinance because no lenders will offer a loan based on more than 100% of the homes value.
I am in need of a modification due to this situation or - I plan to try to sell my home on a short sale due to lack of equity and my inability to refinance due to the fact that I am seriously upside down on value.
What is my best plan of action?
I am currently working with an outside lender to try to stop foreclosure on my home. I was able to get a loan modification but must come up with $6900 by the end of June or foreclosure will proceed. The outside lender tried to work with my mortgage company to reduce the cost but due to prior breaks in forebearance plans, my mortgage co. won't budge. Short of selling, do I have any other options?
THANK YOU for your response