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I need to get a short sale approved, what do I do?

March 06, 2007

Virginia foreclosure

This is an actual comment for a client:

”I would like to try to do a short sale on my home if my mortgage co would consider. I have owned this home less than a year and due to unforeseeable circumstances must relocate and can’t keep up the payments on this mortgage. Can you help? ”

A short sale will work if you find yourself in a situation where you owe more than what the home is worth. To get a short sale approved the house must be listed with the realtor for list three months and you must have a buyer. You can accept the contract contingent upon the mortgage company approving the short sale. If they approve the short sale you can walk away from the house owing nothing.

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Foreclosed But Not Forlorn - May 3, 2007

Comments

I was in the process of doing an interest only refinance on my home because I can't afford my mortage Countrywide bought my loan 2 months ago and their policy is not to report until they have the loan for 90 days. So my credit rating dropped below 600 and now I can't get a new loan. We talked to Countrywide and they said they would report it right away but 2 weeks later it hasn't been reported. Is there anything I can do?

Posted By D Osborne on April 18, 2007 at 03:57 PM

I am sorry but there is not much you can do but keep calling them. They need to report accurate information but the problem is getting them to do it in a timely fashion. Please let me know if I can answer any other questions for you.

Posted By Darin on April 19, 2007 at 12:36 PM

please, i have been unable to return to work and on disability. I can no longer afford payments. help, i don't want to lose my good credit standing. what can i do, i'm moving to richmond va to live with my daughter.

Posted By dianiah lowe on July 14, 2008 at 09:19 AM

I am a renter in Va. The county has issued a final notice of violation inregards to septic. The landlord has not complied in return being issued a summons. I also sent the landlord a letter of noncompliance. The home may also be going into forecloser soon.whith all of this going on I feel reluctant to pay anymore rent since I have been paying rent for a year since the first notice of violation that the county sent to the landlord and did not comply.
I don't know what to do because either way it looks grim and I need to save as much money to be able to get out if needed instead of paying on a house for rent that may be condemned by the county and foreclosed.

Posted By Mick on October 17, 2008 at 02:24 PM

I need to know what where I stand what the laws and regulations are for short sale and deed in lieu

Posted By Susan Mathews on November 05, 2008 at 02:10 PM

flagstar pulled a good one talked me into payin my monthly payment with postdated check they immediately processed check two weeks early and i t bounced not once but twice costing me thirty two dollars each time and overdrawing my account so others bounce i am on unemployment and every dollar counts. now they have switched me to carrington? someone offered me half of what i have a mortgage on the house for would this qualify as a short sale?

Posted By donna thompson on July 09, 2009 at 02:47 PM

Yes that would count as a short sale. If your house is worth half of what you owe, why are you paying mortgage payments? It makes no sense. Short sell it and get out of the way of more financial damage.

Posted By jeff greenberg on January 02, 2010 at 08:12 AM

I'm a realtor that specializes in short sells, please contact me if you still need help

Posted By Leah Clowser on April 15, 2010 at 09:47 PM

How to avoid Foreclosure

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I need to get a short sale approved, what do I do?

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