Short Sale questions????
Submitted by bprm4rnt on Wed, 07/23/2008 - 11:22am.
I live in California and bought a house in 2004 for almost $400K. I was able to get this house with an interest only 1st (Flagstar) and 2nd (Wellsfargo) loan (NO down payment). My research and tax assessor puts the value of my home a little below $250K. My only debt is this house and I am current with all payments. I hear everyone saying that a short sale is better than a foreclosure and that one should work with their lenders to avoid foreclosure. So my questions are: How do I start the short sale process? What are the steps involved in a short sale? Should I stop making my monthly mortgage payment for my lenders to take me seriously? Any advice is appreciated.
Thanks..
~John
Comments:
John -
A Short Sale is much better then a foreclosure for you and the bank.
Contact me at 949-600-5404 or bob@inspiragroup.com and I will give you specific recommendations on your situation. The first step is getting an experienced Realtor who knows how to negotiate with the banks and knows your homeowner rights.
You are doing the right thing by making contact early on - Over 50% of the homeowners that get foreclosed on never talk to the bank or a Realtor. Call or e-mail me today and we'll get you the information needed so you can make an informed decision.
BOB
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