CC called me earlier this year about just walking away from her home. She had lost her job and was behind on the mortgage. It was very depressing and her state of mind was affecting her job search.
STOP THE FORECLOSURE
I explained that there were several options, but no matter what we wanted to stop the foreclosure. You see a foreclosure really hurts ones credit. It is hard to explain exactly, but with the new rules today, one would have to wait 5 years after a foreclosure to buy a home again. 5 years is a long time.
OPTIONS WHEN BEHIND ON YOUR MORTGAGE
We then discussed the options. First, contact the bank, I said. You need to talk with them. Mortgage companies keep complaining about the lack of communication they are experiencing with people financially struggling. So, CC called the bank and applied for a loan modification. She was rejected, because she has no job. Although she was interviewing and a job was on the horizon, she needed to qualify. This situation eliminated all possible loan work outs. We needed to go to the next step.
SHORT SALE
The next step was a short sale. She worked with The Cameron Team short sale negotiator and put together her package. There is a standard package all banks ask for both for a loan modification and a short sale.
SELL THAT SHORT SALE
We listed her home for sale and secured a buyer. The package went to the bank and we worked on getting approval. In the meantime, she got a new job. At this point she was so far behind financially, it would be a long time before she was caught up. And living in the home for FREE while she did the short sale was assisting her in that positive momentum.
BUMP IN THE ROAD WITH THE LOSS MITAGATOR
We finally got to the final approval process and the bank asked for new financials and bank statements. A new picture was formed since she now had job. The bank rejected her short sale. I was shocked.
GREAT WORK BY OUR SHORT SALE NEGOTIATOR
Our short sale negotiator would not give up. She persistently contacted bank and bugged them to approve this deal. She was awesome, Thanks Georgi! I was so excited when she called and said, “we have a short sale approval.” Amazing!
BIG DIFFERENCE WITH A SHORT SALE VS A FORECLOSURE
Now that we have gotten this short sale approved CC to work on starting her life over financially. Her job is doing well and she got a raise. The few months of living rent free really helped. But here is the kicker, now that the short sale has closed escrow, she will be able to buy a home again in another 12 months. She can re-enter the Phoenix real estate market at that time! She is so happy she did a short sale in lieu of a foreclosure.
Are you or anyone you know in this situation. Please don’t hesitate to call or email me and discuss your options. But, no matter what…Stop the Foreclosure! www.noForeclosureAZ.com
Just my opinion…Jeff Cameron
480-652-2004