Posted by Ed Garcia on December 03, 2000 at 22:36:39:
I can tell you what a Short Sale is. A short sale is when the lender agrees to rewrite your loan for a lesser amount, than what you currently owe on the property. Lenders have done this when the market has changed and the lender knows that the property is not worth what is owed against it.
My concern Kellie is that you now have the house on the market for $212,900, with no bites, and you owe $194,000. A 6% commission $212,900 is $12,744. If you don’t negotiate another dime, you would on a good day Net $200,156 not counting sellers closing cost. I’m also concerned, how long could you continue to handle the payments.
Kellie, if you wish to keep the house because it’s HOME to the 4 kids I understand. You might approach the mortgage company, and tell them what you can afford in monthly payments. I doubt that they will work with you, but you have nothing to lose in trying. Kellie, since you no longer have equity in this house, there is no reason to continue the fight. If the lender won’t work with you then you’ll have to, do what you have to do.
Kellie, I’ll tell you what, call me at (909) 944-0199 and we can talk. If you feel you can handle the payments, I’ll work your lender for you. There are a few questions I’d like to know about this deal anyway, that will tell me if the lender will work with you on a rewrite. Because this is a refi, and you’ve already pulled cash out, I’m concerned about a deficiency balance as well. Just call me.