The Sheriff Is Not Coming

By
Real Estate Agent with Keller Williams

My clients thought the house was going to be sold at the courthouse.  They thought the sheriff was a comin! They were months behind due to financial/medical issues. This week we were able to avert thatforeclosure for our clients via a short sale.  The 1st mortgage lender had filed the foreclosure documents 5 days after we went under contract!  We were able to negotiate a pretty hefty reduction to the 2nd mortgage (39k) and just a few thousand off the primary. We closed in record 47 days and the sellers are not going to get a default judgment for the unpaid balance.  There are a lot of little details in these deals and it seems that we learn a new nuance every deal.   Being courteous and efficient yet keeping a real tight reign on all the parties made this a smooth one! 

Comments (4)

Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Congrats on saving another from foreclosure.  I believe we as agents can do more to help clients avoid foreclosure than any government program. 

Oct 04, 2009 10:34 AM
John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Jack - Congratulations for your persistence, for that seems to be one of the keys to success.  Now if you and others can just repeat the performance a few million times, we can stabilize the housing market.

Oct 04, 2009 10:43 AM
michelangelo vasco
mvp realty inc. - Manhattan, NY

nice job, it is a shame so many people are in this position

Oct 04, 2009 10:47 AM
Walter Getz
1st Choice Mortgage Resolutions - Rochester, NY

That was indeed a quick one! Nice job!

Don't forget though, PA sheriff sales take at least 6 months to occur from the date a summary judgement is awarded, and the foreclosure process won't be stopped just because you have a possible solution....Foreclosure doesn't stop till a solution is received by the bank!

 

 

Oct 07, 2009 05:35 PM