Location: Maryland - Frederick
Submitted 02/29/08 05:54 AM

Q. How many late payments before it fall to foreclosure/ and fall to short sale? I have another property would they mess with it, if my other property went to foreclosure or short sale? are they going to force me to sell my other property where I am living right now. I also have been talking to one of the short sale specialist of "National Short Sale Center", have anybody heard this company because you can have their service for $950 that would take care everything and no hidden cost. To be honest, I am trying to get all the information I needed so when I actually talk to my lender I have a clue what are my options is and what I am talking about because most likely lender like Bank of America will say "NO". I really appreciate for all the responses. If any of you who response this question please provide me your contact and mention to your reply if your specialist with either short sale or foreclosure. Again thank you

 

Answer #1
Submitted 02/29/08 06:07 AM
Curt Schick (Sands Mortgage Company): Mortgage and Lending in Waterloo, IA Curt Schick (Sands Mortgage Company)
Mortgage and Lending
Waterloo, IA

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A. Why don't you take your $950 and pay your mortgage? You look like you are planning to get foreclosed on. Acts like this is what is hurting the OUR economy. Sorry if this upsets you but why would anyone plan a foreclosure hurt your credit and the economy? Why don't you work hard and pay your bills?

Non-member response
Submitted 02/29/08 07:52 AM

Non-member response
Submitted 02/29/08 08:03 AM TO MR SCHICK, That's kind harsh but it's okay because you don't know the whole story " I put the property for sale twice but it just stay there for long. Because we need the money to help out or pay the mortgage so we decided to rent the place out. The mortgage is too high and the condo fee is so ridiculous and every month I have at least come out for at least $800.00 / month to pay the difference. I was thinking to either go ahead for foreclosed or short sale whatever options to get rid off the property without giving anything out(money), I will choose it. I am very desperate to find an answer because I have no more saving to keep paying the difference. I am all current to my payments... I need opinion and answer of what should I do. " I was asking the question because I don't think I can able to continue to pay the difference. I wanted to invest for my daughter sake but I don't know that the market will go bad as it is now. I am 66 years old and can able to do much work no more. I dont want that my daughter will keep helping me with this and I dont want to feel burden that's why I am looking every option I have because believe me I am not those other people that just left responsibility. I have also been trying to get refinance but I got turn down because of my income decreases. I have been working hard since I was 11 years old and I thought investing with this property will at least give me somewhere but I was wrong because the economy is so bad and trust me I am not at least of those person contributed why the economy bad. I am looking for options since refi is out of the question, I was looking for others. Since I am running out of time and out of pocket, putting in the market is at least in my choices because no guarantee that my property is going to sell and also it would not be sold for what is worth anyways. From, Frederick, Maryland person who has question

Answer #2
Submitted 02/29/08 10:32 AM
Doug Gonzales (Choice One Funding-Great West GMAC): Education & Training in Elk Grove, CA Doug Gonzales (Choice One Funding-Great West GMAC)
Education & Training
Elk Grove, CA

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A.

Greetings from Sacramento California. I was a former Short Sales Officer for Bank of America. I know they would entertain a Short Sale, priced correctly, it should sell, even in this economy. Determine how much you owe. I can help you interview agents in your area to ensure you are dealing with a competent Realtor. Many agents take listings they have no experience in closing. I have never heard of a National Short Sale company as you mentioned. The best choice is to find a solution to foreclosure, to avoid it at all costs. This is a Short Sale, and you also want to check with your CPA or Tax Professional.

Who lives in the subject property? Your daughter?

Answer #3
Submitted 02/29/08 05:07 PM
Billy Burke, CAI - AARE (The Auctionarium, Inc): Services for Real Estate Pros in Rancho Mirage, CA Billy Burke, CAI - AARE (The Auctionarium, Inc)
Services for Real Estate Pros
Rancho Mirage, CA

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A. 2

Answer #4
Submitted 02/29/08 08:03 PM
Sanjeev Vashist (Capital Gateway Realtors,Inc.): Real Estate Broker/Owner in Potomac Falls, VA Sanjeev Vashist (Capital Gateway Realtors,Inc.)
Real Estate Broker/Owner
Potomac Falls, VA

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A.

you may want to contact one of my agents in Maryland. He has closed approx. 8-10 short sales in Virginia & Maryland last year and closing three in next 45 days.                                            His e-mail :alexcgri@gmail.com I don't think you need to pay any short sale company to negotiate your contract. We do it for free since the commissions come out of the payoff bank is willing to take. I hope this info. was helpful to you.

www.cgri.com

Answer #5
Submitted 03/01/08 09:33 PM
Bill Nazur: Education & Training in Corona, CA Bill Nazur
Education & Training
Corona, CA

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A. My recommendation is to definitely contact the team at Bank of America. There is a reason they have the lowest amount of foreclosures in the country....because they simply care, and will work with you to ever avoid that property from going to foreclosure.

Answer #6
Submitted 03/03/08 09:30 AM
Curt Schick (Sands Mortgage Company): Mortgage and Lending in Waterloo, IA Curt Schick (Sands Mortgage Company)
Mortgage and Lending
Waterloo, IA

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A. Yes I was Harsh But the way you ask the question looks like you are looking to get foreclosed on and not wanting to pay your debt. So let me go about it this way. In the current house that you live in do you have any equity? If you do then can you refi that home and take some equity out of it to help pay for the the condo that you are looking at selling that way you can ask less for it just to get out of it saving monthly cash flow. I know you said that you have been turned down for a refi but looking at the big picute if you have an offer on your condo and refi your current home you might be able to get a loan then. It is unfortunate that the home is worth less now then when you bought it but the is just the down turn in the market right now in some areas. Again not to be harsh but these short sales and forclosures are some of the reason the market is on a down turn.  Hope this helps with some ideas and everything works out for you.

Answer #7
Submitted 03/06/08 08:02 PM
MELISSA KAIZA (EXECUHOME REALTY): Real Estate Agent in Nottingham, MD MELISSA KAIZA (EXECUHOME REALTY)
Real Estate Agent
Nottingham, MD

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A.

Seek help from someone who will not profit and therefore can be completely non-biased. 

Foreclosure Prevention

St. Ambrose Counselors and Attorneys in the Foreclosure Prevention Division assist families in danger of losing their homes. The staff helps clients who are behind, or in danger of falling behind, on mortgage payments, as well as those looking to refinance their homes for any number of reasons.

http://www.stambros.org/pages/prevent.html

 

With Best Regards,

MELISSA KAIZA
WWW.BUYSELLMEL.COM 

Answer #8
Submitted 03/15/08 06:09 PM
David & Lisa Webber, www.webberteam.com (RE/MAX Executive): Real Estate Agent in Crofton, MD David & Lisa Webber, www.webberteam.com (RE/MAX Executive)
Real Estate Agent
Crofton, MD

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A.

I would suggest hiring a Realtor who can put your home up for sale as a regular sale.  If the sale amount will be less than what is owed, it will be considered a "short sale".  If you call your bank, they will most likely tell you they will not take a short sale but they will.  They will not discuss these things with you until you have an offer in hand.  You will supply income and asset information, bank statements, etc., showing that you don't have the money to pay the difference.  Your agent will put together a "short sale package" to present to the bank and will ask the bank to forgive the difference between what you owe and what the offer is.  The bank will send out another Realtor to do a "BPO" which is a broker price opinion or an opinion of value of the house.  If they feel the offer is close to the value of the house, they will most likely accept the offer.  You don't need to pay any extra fees for a short sale.  The Realtor will also negotiate the fees with the bank.  Banks usually don't want to pay a full commission to the Realtors on a short sale, but that is not anything you need to deal with, it's up the bank and Realtor to negotiate those fees.  I hope this helps.  I would suggest hiring a LOCAL agent, don't call a faceless national company.  Sounds like scam potential there.  Please be careful!

Answer #9
Submitted 03/23/08 06:35 PM
Larry Riggs, Your Frederick County Specialist (Re/Max Achievers): Real Estate Agent in Frederick, MD Larry Riggs, Your Frederick County Specialist (Re/Max Achievers)
Real Estate Agent
Frederick, MD

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A. Something in your question caught my eye. I am in management and not actively selling but a number of my agents do short sales. Be careful before you pay for advice. As I recall banks usually do not do short sales on investment properties. You said you were living in another property. Get a reply from the bank before you do anything but I don't think you qualify for a short sale.

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