Re: 1st order of business
Posted by Julio Martinez-Clark on January 29, 2008 at 13:19:06:
In Reply to: 1st order of business posted by RSI on January 28, 2008 at 11:38:35:
RSI,
I think that it's advisable that you contact CW as soon as possible to
explore the possibility of a short sale or loan
modification/forbearance. The issue of the properties being both
considered "primary residence" is in my view not relevant here.
The following is from an article that I wrote on the subject that may
help:
"After the homeowner is sued and before the property(ies) are sold at
the foreclosure auction, the homeowner can have a local real estate
agent list them for sale in the MLS (Multiple Listing Service), and if the
agent is lucky enough to find a buyer before the foreclosure auction
takes place, the lender could accept what is called a “short-sale” in
which the lender accept a lesser payoff amount than what the
homeowner owes as a payoff in his/her mortgage, so that the lender
can avoid more loses in the future. Homeowners must contact their
lenders directly to request a short-sale package to be sent by fax
and/or mail. Roughly, the steps for a short-sale are the following:
Request a short-sale package from both lien holders.
Get a buyer for the property; preferably at a price close to the fair
market value of the home
Submit to lien holders short-sale packages with requested information
(preliminary HUD-1 from the closing agent/attorney, hardship letter,
W2’s, bank statements, income tax returns, purchase and sale
agreement with a new buyer, etc)
Obtain approval by both lien holders individually in the form of a short
sale payoff letter. Make sure that in this letter(s) the lenders waive their
rights to a mortgage deficiency judgment
Submit payoff letter(s) to closing agent.
Close on the purchase."
I hope this helps,
Julio Martinez-Clark
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