We were contacted by a client last week. Another sad story of poor judgement and misguidance by a lender.
OUR HOME IS GOING INTO FORECLOSURE!
They have a second home out here in Scottsdale in the community of Winfield. Winfield is an upscale Tennis community located in North Scottsdale. Tina called and didn’t know what to do. The home was scheduled for foreclosure on another 6 weeks and she has a tenant in the property for half of that time. She was upset and had decided just to let it go back to the bank. I explained the enormous difference in the hit to her credit from a foreclosure when compared to a short sale. She wanted help.
OPTIONS TO STOP THE FORECLOSURE!
She had already exhausted the preliminary methods of stopping the foreclosure and the bank would not work with them. She tried Loan Modification, Forebearance, Refinance, Short Refinance and others to no avail. It was time to go with a Short Sale. The option is so much better than foreclosure. Short Sale’s main affect on credit is 1 to 2 years, whereas a Foreclosure is destructive for 5 years. FANMAE and other lending authorities had stated they will be especially unforgiving for those that don’t try the Short Sale route.
WHAT DID WE DO?
The home is tenant occupied and the tenants were out of town. We had listed the home for sale in the past and were very familure with the home. We priced at what we believed was market value for the condition and lack of any type of view. We sold the home in 4 days. A couple was out from Chicago looking in the neighborhood. They had given up. They felt the other homes were not priced at what they were willing to pay. They were headed home when our home was listed for sale. They wrote us an offer right away and went back to Chicago happy with a home in Scottsdale under contract.
IS THAT ALL IT TOOK?
No, that is stage one. The sellers are now working with our Short Sale negotiator to submit the package to their bank. The next step is to present the PERFECT SHORT SALE PACKAGE to the bank. Because they shred them if they are not perfect. She will then work the system to get the foreclosure date extended while the bank evaluates the transaction.
DO WE ALWAYS STOP THE FORECLOSURE?
We have been using our Short Sale negotiator to handle our Short Sales since the beginning of the year. Prior to that we experienced some failures. She has not lost one of our homes to foreclosure as of yet. One of our sellers has been living in the home for nearly a year without making payments. We lost our buyer, the foreclosure date was on a Tuesday. We all gave up…but Georgi didn’t. She is our negotiator. Working diligently from Friday to Monday, she got the foreclosure extended. What was more shocking was that we had gotten a new offer over the weekend. We had lost our last buyer and had no interest as the foreclosure date loomed. Amazing, how it all came together. We are not done yet, but they don’t extend foreclosure dates unless they are being cooperative.
ARE YOU OR ANYONE YOU KNOW IN FORECLOSURE, BEHIND ON YOUR MORTGAGE OR FINANCIALLY IN TROUBLE?
Short sale is not the only answer, but you must act. There are several solutions to stop the foreclosure. My team and I are here to help. Give us a call or email or get our FREE STOP THE FORECLOSURE packet. Pass this blog post on to a friend or family member that needs HELP!
Jeff Cameron
480-652-2004