Re: What to do?

Posted by steele in minnesota on December 30, 2007 at 07:09:05:

In Reply to: What to do? posted by Paul Earley on December 29, 2007 at 20:22:31:

Sorry for your troubles. Certainly understand the situation. Many in the real estate industry are in the same boat. Couple of points...

Most lenders will not consider a short sale until you actually are behind in payments. Although this attitude is changing at some lenders who want to be more proactive.

Yes, the sooner you are listed the better as you will be able to show that you tried to sell it. One thing that has been coming up lately is that some people are getting a "scam" by investors who want to really low ball the properties. So they (the investors) will have a "pet" real estate agent do the listing and it never will really get on the market. The banks are starting to watch for any funny business so be legit. And you should know plenty of good people with your job. I would advise you to try and find someone with experience in short sales, however.

Deed in lieu is just about impossible if there are two lenders involved. Can't give the house back to two parties.

Michigan does have a 6 month redemption so if you do go through the foreclosure process you have some time.

But be proactive and start checking your options now. You can start with your first mortgage and see if they have a loss mitigation department to talk to.

Just some thoughts...

Steele

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