I am a relatively new real estate sales agent in SW Virginia.
The interest in this subject came up when I learned a friend shared that he had recently lost his home to foreclosure because he could no longer pay his mortgage (set points on his sub-prime mortgage increased his mortgage payments from $650 to over $2,200). I asked if he tried to negotiate with his lender. That is when I got very uncomfortable. He began to ask me how he could have avoided the foreclosure. I mentioned negotiating rates/payments with the lender and the prospect of a short sale in lieu of foreclosure. He asked me about the process.
I am not comfortable attempting to give a friend or acquaintance my input and then try to help them only to make their situation worse. I pride myself on being able to make a commitment and then delivering on that commitment.
SW Virginia has not experienced the plethora of Short Sales and Foreclosures as other parts of the US or for that matter Virginia. This may change over the next 6 months to a year. With that I am attempting to learn all I can to get an understanding of the process required to intelligently and professionally help people who may find themselves in the unfortunate position of having to give up their homes.
I have listened to webinars, searched the internet and blog sites and have asked questions, etc., but am not comfortable with the process. I invite others who have experience in the process to comment on the "how-to" of short sales.
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