The short sale should be discussed with your bank to explore options. Let them explain your options and they may even be able to restructure your monthly payments! They should be willing to work with you to avoid the foreclosure and I’m here to help also at MiamiDreamRealty.com
1. Call YOUR LENDER!! 80% of those now in default and loosing their homes DID NOT call their lender! Many feel their position is hopeless. Don’t despair and try calling your lender first to look into your options. Call your loan originator or Mortgage Broker who got you the loan. Call your Realtor also. See what they recommend. You might get a local manager to give you someone at the “Top” or near the Top to help you with your loan issues.
2. Go to www.HOPENOW.com which is the government backed advisory program and see if your lender is on the list. Reference, remind them, they are a part of this program and see what options you may have.
3. Remember, the squeaky wheel gets the grease!! Be a royal pain in the butt and don’t give up!! If you really WANT your home there might be a way for you to stay. New bills are being introduced in Congress and some existing ones are on their way through the halls of congress which could give you relief. If you want to stay then try some stalling tactics. Get a reduced payment plan, lower interest rate, lower “reset” rate, etc.
4. This is the last route before you admit maybe it’s time to move on! But before you do this you’ll need to contact an attorney (bankruptcy or real estate) and CPA for tax ramifications.
If your going through anything related to a short sale then please comment for those readers looking for additional advice and information.