Comments on: Short-Sale Primer Part IV http://thebutlerblog.wordpress.com/2008/02/20/short-sale-primer-part-iv/ AZ Pre-Foreclosure, Default Servicing & Buyer Planning Tue, 20 Oct 2009 06:50:40 +0000 http://wordpress.com/ hourly 1 By: Kelli http://thebutlerblog.wordpress.com/2008/02/20/short-sale-primer-part-iv/#comment-268 Kelli Sun, 10 Aug 2008 21:55:31 +0000 http://thebutlerblog.wordpress.com/?p=28#comment-268 I have a question about a short sale in AZ. I am in the process of short selling my home and I have 2 loan, a 80/20 loan with two different companies. Let's say I sell my house for 300,000 and I owe $400,000. Can they come after me for the balance of approx. $100,000? I have heard that they can sell that debt to a debt collector who can take me to court and sew me for the money, possilbly garnish my wages? Is it better to forclose on the home and walk away without anyone coming after me later? Thanks, Kelli I have a question about a short sale in AZ. I am in the process of short selling my home and I have 2 loan, a 80/20 loan with two different companies. Let’s say I sell my house for 300,000 and I owe $400,000. Can they come after me for the balance of approx. $100,000? I have heard that they can sell that debt to a debt collector who can take me to court and sew me for the money, possilbly garnish my wages? Is it better to forclose on the home and walk away without anyone coming after me later? Thanks, Kelli

]]> By: Iheartapples http://thebutlerblog.wordpress.com/2008/02/20/short-sale-primer-part-iv/#comment-240 Iheartapples Thu, 08 May 2008 20:17:50 +0000 http://thebutlerblog.wordpress.com/?p=28#comment-240 Allen, I'm on the buyer's side of a short-sale and I'm already not handling the waiting very well. I'm not sure how experienced our agent is on short-sales, but he seems very knowledgeable about the process. DH and I have done our homework about what the expectations should be and the waiting game is going to KILL us. Especially given that there are no guarantees. What frustrates us is that there's nothing we can do but wait. Our offer was accepted by the seller and submitted to the bank 4 days ago. Is there anything we can do to be proactive? If it really takes 45-60 days for a bank to decide, what happens to our preapproved loan, which is only good for a 90 day period, if it'll take another 30 days to close? We REALLY want this house! Allen, I’m on the buyer’s side of a short-sale and I’m already not handling the waiting very well. I’m not sure how experienced our agent is on short-sales, but he seems very knowledgeable about the process. DH and I have done our homework about what the expectations should be and the waiting game is going to KILL us. Especially given that there are no guarantees.

What frustrates us is that there’s nothing we can do but wait. Our offer was accepted by the seller and submitted to the bank 4 days ago. Is there anything we can do to be proactive? If it really takes 45-60 days for a bank to decide, what happens to our preapproved loan, which is only good for a 90 day period, if it’ll take another 30 days to close? We REALLY want this house!

]]> By: Allen Butler http://thebutlerblog.wordpress.com/2008/02/20/short-sale-primer-part-iv/#comment-224 Allen Butler Tue, 08 Apr 2008 21:18:28 +0000 http://thebutlerblog.wordpress.com/?p=28#comment-224 Hello Folks, I have received your questions regarding the FHA program designed to help homeowners by enacting a "short-refinance". Now, this is not really connected in any way with sales, which is what I do. This is really a mortgage and lender issue. My advice would be to visit this site below, and have a look at what the prgram offers. If you believe that you qualify, you'll need to contact a lender to get it done. Good luck out there in foreclosure-land! http://portal.hud.gov/portal/page?_pageid=33,717449&_dad=portal&_schema=PORTAL Hello Folks,

I have received your questions regarding the FHA program designed to help homeowners by enacting a “short-refinance”. Now, this is not really connected in any way with sales, which is what I do. This is really a mortgage and lender issue. My advice would be to visit this site below, and have a look at what the prgram offers. If you believe that you qualify, you’ll need to contact a lender to get it done. Good luck out there in foreclosure-land!

http://portal.hud.gov/portal/page?_pageid=33,717449&_dad=portal&_schema=PORTAL

]]> By: Anton http://thebutlerblog.wordpress.com/2008/02/20/short-sale-primer-part-iv/#comment-223 Anton Tue, 08 Apr 2008 19:37:22 +0000 http://thebutlerblog.wordpress.com/?p=28#comment-223 By all means ! This last comment from Chris July is absolutely a must, if out there already. I am seriously considering a short sale, but this would completely change things for me. Please do commment on it Thanks much By all means ! This last comment from Chris July is absolutely a must, if out there already. I am seriously considering a short sale, but this would completely change things for me. Please do commment on it
Thanks much

]]> By: CHRIS JULY http://thebutlerblog.wordpress.com/2008/02/20/short-sale-primer-part-iv/#comment-221 CHRIS JULY Fri, 04 Apr 2008 20:02:03 +0000 http://thebutlerblog.wordpress.com/?p=28#comment-221 YOU HAVE VERY GOOD INFORMATION ABOUT SHORT SALES. ARE YOU VERSED AT ALL WITH SHORT REFI'S? CONGRESS, THE TREASURY,THE FSLIC, AND PRESIDENT BUSH ARE TALKING ABOUT A PLAN FOR DEBT FORGIVNESS TO HOMEOWNERS WHO ARE CURRENT BUT FACING RESETS AND ARE UPSIDE DOWN WITH AN OFFERING OF DEBT FORGIVNESS TO 85% OF APPRAISAL VALUE WITH A NEW FHA LOAN. GIVIN A WILLINGNESS TO STAY IN THE HOME FOR FIVE YEARS OR GIVE UP ANY PROFITS. HAVE YOU ANY ARTICALES ABOUT THIS OR AN ABILITY TO NEGOTIATE A SIMILAR DEAL WITH A LOSS MITIGATION DEPT? IAM SURE MANY OF YOUR READERS WOULD BE INTERESTED IN THIS TOPIC. THANKS. YOU HAVE VERY GOOD INFORMATION ABOUT SHORT SALES. ARE YOU VERSED AT ALL WITH SHORT REFI’S?

CONGRESS, THE TREASURY,THE FSLIC, AND PRESIDENT BUSH ARE TALKING ABOUT A PLAN FOR DEBT FORGIVNESS TO HOMEOWNERS WHO ARE CURRENT BUT FACING RESETS AND ARE UPSIDE DOWN WITH AN OFFERING OF DEBT FORGIVNESS TO 85% OF APPRAISAL VALUE WITH A NEW FHA LOAN. GIVIN A WILLINGNESS TO STAY IN THE HOME FOR FIVE YEARS OR GIVE UP ANY PROFITS. HAVE YOU ANY ARTICALES ABOUT THIS OR AN ABILITY TO NEGOTIATE A SIMILAR DEAL WITH A LOSS MITIGATION DEPT? IAM SURE MANY OF YOUR READERS WOULD BE INTERESTED IN THIS TOPIC.
THANKS.

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