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Short Sales Success Story: Double Dose of Chase

By
Real Estate Agent with EXP Realty of California Inc. DRE 01022275
A loan officer I have worked with tried to get their client a loan modification, but after months of effort, was going to give up. He called me and asked if we could help the seller avoid foreclosure as they wanted to be able to re-establish credit in a few years to buy another home. I met the homeowner in July 2009, when they were behind on their payments on two loans totalling $646,800 on a home worth less than half that. We put in action our short sale game plan, getting the property on the market immediately. Having a potential buyer helps start the process and gives the seller the most potential options. The lender first eventually filed a notice of default in November, 2009 for the first which at $472,000 was still more than the house was worth. Many agents shy away when there are two loans, as many 2nd lenders require an unreasonable settlement forcing foreclosure by the first and leaving the seller potentially liable for the unpaid 2nd. Another challenge is the time with 2 loans often takes so long that the buyer loses interest and cancels, leaving the homeseller facing foreclosure. We were able to find the buyer within our own team (I have an agent that specializes in this Spanish-speaking market), and I coached them on the time it would probably take to close the escrow. Meanwhile, we negotiated with both lenders continuously until we received an offer that allowed our seller to close without any liability at a price the buyer could afford to pay. The seller should have their credit re-established in two years rather than waiting 7 years after the foreclosure, and the seller avoids any liability for the shortage on the 1st or 2nd loan. If you or anyone you know wants RESULTS like this, please contact me for a no-cost consultation of your options. We work on files like this every day. Check my website www.StupidShortSales.Com

Comments (2)

Fred Sweezer Sr. CMI, LLC.
Hud Certified 203K Consultant - Long Beach, CA
HUD 203k Consultant

I will let you know!

Jun 01, 2010 11:38 PM
Anonymous
Karen Card

Bill, can't tell you ahow many nightmare short sales i've been through.  From now on, i'm referring my clients to you.

Karen

Jun 21, 2010 03:06 PM
#2