74 Year old senior. . Terrified about losing her home. . .
The National Association of Realtors (NAR) does not get these kind of letters. . we do!
Yet they hold the key to help ALL REALTORS do SHORT SALES in a uniform and dignified way.
They have the power to . . but they don't want to use it!
i am a senior (74) recently widowed, living in an adult community with high hoa fees (421 mo) +a $1073. mo. mortgage. my husbands lengthy illness has left me almost destitute and the only thing that was keeping me afloat was my job, which was terminated 8 months go. i am now living on social security and unemployment, which will be running out in the next 3 months. i have a mortgage of $146K+ and equity line of $31K +2 credit debts of 10,000 and 8000. The house is probably devalued due to the economy - from approximately $190K to about $160. I've talked to the bank re my mortgage but they can only lower it so much and when I add the huge hoa fees, it is undoable.
I was told that short sale may be my best option. no prospects for gainful employment or an increase in $ - my other assets are 401K of about $9000 and approx. $2000 in savings. I am terrified I will have to divest myself of these in bankruptcy or foreclosure. Do you know if deed in lieu of foreclosure is any better than short sale?
M***** from Beaufort County, South Carolina
Unfortunately, you do not have too many options at this point. .
A short sale indeed may be your best option at this point but, of course a complete financial assessment should be done by a professional to advice you properly.
Whatever you do, my advice is not to dip in your savings or create more debt for you in an attempt to stop the inevitable.
Millions of people in similar situations like you have done so and completely ruined the chances to recuperate from a futile attempt to preserve the undeniable. .
It is breaking families w/ Divorce. . Bankruptcy. . their 401K's are being decimated.
Your 401K is not a security note for your mortgage. .the house is the only thing that the bank is entitled to.
All of these can be avoided with a short sale. .if you qualify.
Just remember. .
You are losing a HOUSE.. . not a home!
No one can take your home away from you!
I will give your name to someone reputable from my organization and see how they can help you on Monday