Re: Foreclosure

Posted by NJDave on October 29, 2006 at 11:44:47:

In Reply to: Foreclosure posted by Brian Thomas on October 29, 2006 at 07:20:59:

:I've been trying to sell the one home for over a year now and have not been successful:

Any home properly priced and reasonably exposed to the market should sell within 30 days. If it doesn't, it is either overpriced, undermarketed, or both. Time to revise the listing and get it sold.

If you need to pursue a preforeclosure short sale, so be it.

If there is a deficiency between the amount owed, and net proceeds from the sale, the debt may be forgiven, or renegotiated to an unsecured loan. The outcome is predicated upon your financial condition, and the lender's servicing policies. To learn more about short sales, visit the HUD website, or www.spoch.org, another non profit housing resource.

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: :I've been trying to sell the one home for over a year now and have not been successful:

Any home properly priced and reasonably exposed to the market should sell within 30 days.  If it doesn't, it is either overpriced, undermarketed, or both.  Time to revise the listing and get it sold.

If you need to pursue a preforeclosure short sale, so be it.

If there is a deficiency between the amount owed, and net proceeds from the sale, the debt may be forgiven, or renegotiated to an unsecured loan. The outcome is predicated upon your financial condition, and the lender's servicing policies.  To learn more about short sales, visit the HUD website, or www.spoch.org, another non profit housing resource.

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