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2008 i bought my property with 2 other co-signers. The co-signers dont live at the property they only help me get approved with higher income. Now im stuck with a 3 thousand mortgage payment. In January i decided to look for alterntive because i needed to lower my monthly payment. I was recommended to a realtor that was going to give me options of things i could do without getting our credit messed up she recommend a short sale. We went on an started the short sAle process i sing 3 offers one of the was a cash offer. Now im only waiting for the bank to approved it but my realtor notify me that i have to move out asap (bank hasn't appoved offer yet) she sAid since is a cash purchase bank will approved in a very short time thats why we need to move in a period of a week to 30 dAys (i have kids where im I going????). Over the weeked shearching for a place to rent i met a very professional real estate that's not working anymore she retired so i explain my situation to her she said i could cancel short sale even if bank approved ot as well. I need someone that has experience to please help me i dnt want to get sue. What do i need to do???
Sue? If you don't have any money, what's the point of suing?
Think about it. You are playing with house money these days. Go ahead and cancel short sale. There is nothing the bank or prospective buyer can really do to you.
Trust me, it will take them much longer than 30 days to get you out of the house under Florida law.
Now, if you had money, that's a different ball game. But considering you probably don't have much in terms of assets or income, just cancel sale and see what happens. They aren't going to waste their time (or money) trying to get you out of the house.
Just remember your Realtor really just wants the commission
Yeah off course thats what she wants. Shes also really rude ( i am in california she also notify me of some kind pf money the bank gives you after the house is sold an ready to go. I askd her again and she note that doesnt exist anymore..
I want to keep my house i dnt want to sle it what other options do i have? After this short sale cancelation i want to modify, so if i dnt get approved for a the modification whats going to happened??
Short-Sale approvals are not opened ended, meaning that once a deal is approved the bank wants their money on the date specified in the P&S agreement or addendum. Typically a buyer is not going to take title to a house while the seller is still occupying that same house as all sorts of problems can occur. I think your Realtor was only telling you that there is a good possibility of the ban approving the short-sale and now is the time for you to start looking for a place to go in order to get the deal done. [/FONT
You didn’t think that you could still love on the property after a short-sale did you?
A short sale will mess up your credit.
My sellers don't move out until we know we are closing.
What you can do depends on your short sale addendum attached to your contract.
What has changed in your financial situation that you qualify for a loan modification now?
2008 i bought my property with 2 other co-signers. The co-signers dont live at the property they only help me get approved with higher income. Now im stuck with a 3 thousand mortgage payment.
In January i decided to look for alterntive because i needed to lower my monthly payment. I was recommended to a realtor that was going to give me options of things i could do without getting our credit messed up she recommend a short sale. We went on an started the short sAle process i sing 3 offers one of the was a cash offer. Now im only waiting for the bank to approved it but my realtor notify me that i have to move out asap (bank hasn't appoved offer yet) she sAid since is a cash purchase bank will approved in a very short time thats why we need to move in a period of a week to 30 dAys (i have kids where im I going????). Over the weeked shearching for a place to rent i met a very professional real estate that's not working anymore she retired so i explain my situation to her she said i could cancel short sale even if bank approved ot as well. I need someone that has experience to please help me i dnt want to get sue. What do i need to do???
We don't know all your details -
As long as there hasn't been any closing, you can walk away at any time. Say you got a higher offer, or you decided to keep the home, you really don't even have to give them any information.
A $3000 per month payment / 31% = $9600 per monthly income - WoW........(realistically...."NoT")
The 31% listing is a Government guideline to what is an affordable payment. What is your weekly / bi weekly income? What are your taxes and insurance, what was the balance owed. Who is the lender? You may be entitled to have your loan modified into an affordable payment to keep the home.
The payment is $3000 when we applied it was me and 2 other people. I have a contract with the realtor thats sellin my property for 6 months i have 2 more months to go. She explain that if i cancel the short sale then i will get sue for 6% of commission plus the expenses of them trying to sale my house and all that extra stuff they add
You need to act like an adult, find a new apartment and follow through with the sale. Yes, the realtor will definitely sue you, and get a judgement. With the judgement, they can garnish wages, etc. The buyer may or may not bother to sue you. Canceling the short sale will add more financial problems to life which has many issues already. Sounds like you will loose the house either way due to short sale or foreclosure. Bottom line is, you cannot afford to live there!
Despite what the realtor says, either one (foreclosure/short sale) will seriously mess up your credit. They will say anything to make a sale.
Start looking for a new place now. If approved, be prepared to move soon.
You need to act like an adult, find a new apartment and follow through with the sale. Yes, the realtor will definitely sue you, and get a judgement. With the judgement, they can garnish wages, etc. The buyer may or may not bother to sue you. Canceling the short sale will add more financial problems to life which has many issues already. Sounds like you will loose the house either way due to short sale or foreclosure. Bottom line is, you cannot afford to live there!
Despite what the realtor says, either one (foreclosure/short sale) will seriously mess up your credit. They will say anything to make a sale.
Start looking for a new place now. If approved, be prepared to move soon.
Let's put this in perspective.
1. Risk/benefits of suing someone who probably doesn't have much money
So you end up paying an attorney (either $1000-2000 retainer) or he will take a percentage of the legal judgment. Attorney is smart. This case probably amounts to maybe $10K in real estate commision at stake. The attorney knows the chances of collecting are slim. They will want the retainer of $1000-2000 up front.
So is the Realtor going to going to risk spending his/her own money to try to sue and collect on a judgment from someone who may not have any money?
It's just a lot of hot air in this particular case.
Know if the OP had assets or income it's a different ballgame. Considering it's a short sale, chances are the OP doesn't have much if not any to collect.
OP can always do the nuclear option and declare BK since they are probably in financial trouble to began with. So realtor ends up wasting $1000-2000 of his own money on legal fees and his time.
So even a wise attorney would advise the realtor to just let this go and move on.
It's like my Aunt got in a major car accident and guy had no car insurance. He ran a red light and T-boned her. She ending up losing her spleen. Guy has no money. What's the point of suing the guy personally?
Depending on your state laws, a judgement is good for 10 years and can be renewed for another 10 years.
Its possible your Aunt should have still sued. Just to get a judgement. Who knows, in the next 20 years that guy could receive an inheritance, or get a good job, etc. Many things can happen in 20 years.
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