In talking to real estate agents, I"m finding that (not surprisingly) many agents owe way more on their own homes than the are worth today. They know that short sales are a longshot and they don't want to move anyway.
Let me tell you about Pete (not his real name) We're friends with Pete and his family, so when they came by to pick up their daughter from our house yesterday we got to talking.
Lynn (again, not her real name) looked worried and I asked her why. She said she was embarrassed and had never wanted to tell anyone, but she was worried about a court date they had in two weeks. They are about to lose their house. They love their home and they have horses there, too. They absolutely did not want to do a short sale.
They had hired an expensive attorney but he hadn't done anything to help with the foreclosure at all in a year. So recently they hired another attorney and paid him a good retainer. But they were surprised when he told them they'd have to come up with even more money to go to court with them at their hearing. They didn't have any more money!
So Lynn got her husband and we went into my office where I explained how we work with a company that has been quietly expunging mortgages for over a year. That their track record was impeccable. Only one deal out of the almost 200 that they've done has fallen through, and that was because the owner didn't do what they asked of him.
I explained to them about deficiency judgments and IRS penalties and told them there would be neither when this company expunged their mortgage. Pete thought he had known everythng there was to know about real estate, but he admitted that he was wrong.
I pulled out the documents they needed to have signed and notarized and they said they would get everything done tomorrow and back to me.
For the first time in months they both smiled.
IS YOUR OWN HOME UNDERWATER AND OVER-ENCUMBERED? Let us help you get rid of that old mortgage legally, so that you'll be making new P&I payments at about 25-30% of what they were before.
Email me for more information. AGhutton@gmail.com
disclaimer: I am not an attorney, nor am I a licensed real estate agent (although I have been in the past.) Please consult your own professional consultant before acting on my advice.
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