My clients thought the house was going to be sold at the courthouse. They thought the sheriff was a comin! They were months behind due to financial/medical issues. This week we were able to avert thatforeclosure for our clients via a short sale. The 1st mortgage lender had filed the foreclosure documents 5 days after we went under contract! We were able to negotiate a pretty hefty reduction to the 2nd mortgage (39k) and just a few thousand off the primary. We closed in record 47 days and the sellers are not going to get a default judgment for the unpaid balance. There are a lot of little details in these deals and it seems that we learn a new nuance every deal. Being courteous and efficient yet keeping a real tight reign on all the parties made this a smooth one!
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate
Congrats on saving another from foreclosure. I believe we as agents can do more to help clients avoid foreclosure than any government program.
Oct 04, 2009 10:34 AM
TheHousingGuru.com - Waleska, GA
Housing Guru
Jack - Congratulations for your persistence, for that seems to be one of the keys to success. Now if you and others can just repeat the performance a few million times, we can stabilize the housing market.
Oct 04, 2009 10:43 AM
mvp realty inc. - Manhattan, NY
1st Choice Mortgage Resolutions - Rochester, NY
That was indeed a quick one! Nice job!
Don't forget though, PA sheriff sales take at least 6 months to occur from the date a summary judgement is awarded, and the foreclosure process won't be stopped just because you have a possible solution....Foreclosure doesn't stop till a solution is received by the bank!
Oct 07, 2009 05:35 PM
Comments(4)