Underwater on Your USDA Home Loan? Short Sale May Not Be as Easy as You Might Think!

Reblogger Gabe Sanders
Real Estate Agent with Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales 3090099

Here's some unfortunate, yet all too true information for those considering a USDA short sale.  And, also might be true for some other unenlightened lending institutions you may have to deal with:

 

Original content by Beth Atalay

Underwater on Your USDA Home Loan? Short Sale May Not Be as Easy as You Might Think!

I’ve been doing short sales since 2005, the past eleven years, I’ve learned a great deal about the investors, servicers, how to escalate files, the approval process....Though I’ve helped many homeowners who were underwater on their home loans by listing their homes as a short sale, each file, each investor, and each servicer has different guidelines and I learn something new with each short sale listing. Short Sale on a USDA loan may not be as easy as you might think, however, it is a better option than Foreclosure.

I’ve had clients who had USDA loans and they were able to close that chapter by listing their home as a short sale and successfully closing on the transaction.
I am currently working with a homeowner who first applied for a loan modification which she was denied for, she was then advised by her servicer Bank of America to find a real estate agent and list it as a short sale.
Her home is located in a subdivision where there’s still new construction and homes with similar characteristics are selling for $160,000, keep in mind, these are never been lived in homes being sold by the builder.
Based on most recent sales and active listings, fair market value of the house is $148,000. We received a cash offer for $141,000 in September 2016, three Bank of America negotiators later, I was informed by Bank of America that;

-Home appraised at $165,000 and the offer must be in that amount. I did let the negotiator know what resale home prices are in the neighborhood, she then let me know that USDA makes no exceptions, they want $165,000. This is not even a realistic value for a standard sale. This home has been vacant for a year, there have been three REO/Short Sales on the same street within the past 180 days selling well under $148,000.
My work continues, I will do everything I possibly can to give some good news to this homeowner.

If you are a homeowner with a USDA loan and behind on your mortgage, do not waste any time but contact your servicer immediately. This problem isn’t going to go away, while you might be avoiding all the phone calls and letters, your lender is pursuing their legal options which may be a foreclosure. USDA guidelines are different so your options may be limited compared to loans that are owned by other investors.

If you owe more on your mortgage than the house is worth and not able to make your mortgage payments, act on it now! Will it be a nightmare working with USDA? Well, they haven’t let me down yet. I’ve yet to have a smooth USDA transaction whether it’s a short sale or otherwise.

If your are a homeowner in Central FL and not able to make your mortgage payments, Short Sale may be the best option for you. Call or text me today at 407-929-1852, email bethatalay@gmail.com to find out what your options are. Listing your house as a short sale doesn’t cost you any money, if anyone asks you to pay, investigate before you give them a penny.

Underwater on Your USDA Home Loan? Short Sale May Not Be as Easy as You Might Think!

 

 

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Beth Atalay, Broker/Owner

Cam Realty and Property Management

407-929-1852
Wheretoliveinorlando.com BethAtalay@Gmail.com
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Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Gabe, , thank you for reblogging the post. I missed reading the original one. I will share it with others.

Dec 31, 2016 04:24 AM #1
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Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Good choice for a reblog. Need to get this kind of information out there so consumers can make good decisions. 

Dec 31, 2016 09:25 AM #2
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Great re-blog  but I really :

Stopped by To Wish you a Happy & Healthy New Year --- All the Best in 2017

Gabe Sanders  see you again next year

Dec 31, 2016 04:13 PM #3
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thank you very much for this reblog and this important story to share.

Dec 31, 2016 05:22 PM #4
Rainmaker
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Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Gabe

Great information on USDA and short sales.

Good luck and success.

Lou Ludwig

Dec 31, 2016 06:51 PM #5
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

This is a very good reblog, Gabe. Thanks for reposting.

Dec 31, 2016 07:58 PM #6
Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I might know somebody who's looking for a property but I'm not sure yet, so don't hold me to it.

Jan 01, 2017 11:45 PM #7
Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I didn't even really realize it was Debbie's whole style. Love and light and all the best in the world Love the visual.

Jan 01, 2017 11:46 PM #8
Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I love how little is just willing to take ythe chance good luck with everything and 2017!

Jan 01, 2017 11:47 PM #9
Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I will so how did the key is to play with bigger and passion and know what you're doing wrong and what you're doing right

Jan 01, 2017 11:49 PM #10
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks for your comments, always appreciated.

Feb 01, 2017 07:24 AM #11
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thank you for stopping by and taking the time to read my re-blog.

Feb 01, 2017 07:25 AM #12
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