Advise on short sale (Tampa: foreclosed, lender, homes)

[kyle19125]

Originally Posted by TechRider

ok..I wanted to get a real estate attorney help me with short sale so that they can take care of everything and not let bank come hunting for me. hmm..so even if I use an attorney, I am at the risk of being followed?

Yes, which is why you should talk to a bankruptcy attorney who can file a motion to ge the bank off of your back until you figure out what course you're taking at the very least. Also bear in mind how many short sale properties are on the market right now and the fact that real estate sales are way down. On top of that factor in that a vast majority of buyers avoid short sales like the plague because dealing with a bank averages several months of negotiations and inconsistent communication. Buyers are like sellers, they want quick and easy.

[TampaKaren]

While you may qualify for HAFA or HAMP, you need to consult with an experienced attorney who can present you with your options and the legal consequences (foreclosure defense, loan modification, short sale, bankruptcy, strategic default, etc.). I'm sending you a direct message with a resource.

Just wanted to add that I am working with 9 short sales at the moment and it's not easy for anybody. There is no legislation and each lender has their own set of guidelines (Fannie and Freddie just implemented their own). For example, as of last week, Bank of America has a new deficiency policy and for delegated short sales, they're responding within 30 days and non-delegated short sales, they're responding within 60-90 days. An attorney should be your first point of contact and people experienced in the process today are going to be your best resource. What happened last year or even last month may be an interesting story but not necessarily the way it works today. Sad but true.

[TechRider]

Originally Posted by kyle19125

Yes, which is why you should talk to a bankruptcy attorney who can file a motion to ge the bank off of your back until you figure out what course you're taking at the very least. Also bear in mind how many short sale properties are on the market right now and the fact that real estate sales are way down. On top of that factor in that a vast majority of buyers avoid short sales like the plague because dealing with a bank averages several months of negotiations and inconsistent communication. Buyers are like sellers, they want quick and easy.

ok..The attorney available under my group plan seems to provide both services. I will discuss with him and find out the details.

PS: Should I really consider myself bankrupt or just not willing/able to pay for the underwater home (added by my job situation). I know I have few months left in my job and I hope to find another one but no gurantee how long it will take (since there are so many applicants in the market). I just want to be honest here that I do not want to pay for the house as I feel like I am just draining money(If bank is willing to reduce principal I am more than happy to keep the house and take the pain of mortgage amount..we have done lot of enhancements to the house..it just sucks to be in this situation.)

Anyway I will put my thoughts in front of the attorney and see what legal opinion he gives.

Thank you for all your suggestions.

[TechRider]

Originally Posted by TampaKaren

You need to consult with an experienced attorney who can present you with your options and the legal consequences. I'm sending you a direct message with a resource.

Thank you..I will checkout the message

[bentlebee]

Originally Posted by TechRider

ok..I wanted to get a real estate attorney help me with short sale so that they can take care of everything and not let bank come hunting for me.

hmm..so even if I use an attorney, I am at the risk of being followed?

We have heard of very bad advise that some lawyers are giving...Btw the short sale I did as a buyer was with a real estate lawyer specialized in foreclosures...can you imagine what kind of lawyer she is to be in such a position...she married a realtor who was in an even bigger financial mess...I would stay far away from such a lawyer and there are plenty like them.

Of course you have even more that are very good lawyers but they charge accordingly.

[StreetSmarts]

Originally Posted by TechRider

ok..I wanted to get a real estate attorney help me with short sale so that they can take care of everything and not let bank come hunting for me.

hmm..so even if I use an attorney, I am at the risk of being followed?

We hired a RE attorney to protect us. Our attorney could not protect us from not owing the banks at the end. In the end, like I mentioned above, we owe the bank $40k. Oh, and by the way, the bank came after us for $40k even though we were on 1 income. And we are only in our late 20's. The banks are not playing around.

[StreetSmarts]

Originally Posted by TampaKaren

While you may qualify for HAFA or HAMP, you need to consult with an experienced attorney who can present you with your options and the legal consequences (foreclosure defense, loan modification, short sale, bankruptcy, strategic default, etc.). I'm sending you a direct message with a resource.

Just wanted to add that I am working with 9 short sales at the moment and it's not easy for anybody. There is no legislation and each lender has their own set of guidelines (Fannie and Freddie just implemented their own). For example, as of last week, Bank of America has a new deficiency policy and for delegated short sales, they're responding within 30 days and non-delegated short sales, they're responding within 60-90 days. An attorney should be your first point of contact and people experienced in the process today are going to be your best resource. What happened last year or even last month may be an interesting story but not necessarily the way it works today. Sad but true.

TampaKaren,

Whats the biggest deficiency you have seen thus far?

[TechRider]

Originally Posted by bentlebee

We have heard of very bad advise that some lawyers are giving...Btw the short sale I did as a buyer was with a real estate lawyer specialized in foreclosures...can you imagine what kind of lawyer she is to be in such a position...she married a realtor who was in an even bigger financial mess...I would stay far away from such a lawyer and there are plenty like them.

Of course you have even more that are very good lawyers but they charge accordingly.

Originally Posted by ComSense

We hired a RE attorney to protect us. Our attorney could not protect us from not owing the banks at the end. In the end, like I mentioned above, we owe the bank $40k. Oh, and by the way, the bank came after us for $40k even though we were on 1 income. And we are only in our late 20's. The banks are not playing around.

hmm..ok..so if I have 40K I would never think about short sale but I guess banks will draw until the last penny they can.

so I will ask attorney specifically what can he do to stop banks coming after me post short sale, otherwise I don't see any real benefit paying them

[TampaKaren]

Originally Posted by ComSense

TampaKaren,

Whats the biggest deficiency you have seen thus far?

So far, it's $152K. A transaction scheduled to close (hurricane willing) this week will be the largest I've seen at ~$300K. It's been a long 5 months.

[TechRider]

thanks to all of you who have been advising me.
I am about to dial an attorney from my network, so before I do that, do I need both a RE Attorney and a Real estate agent to handle the short sale

sorry if it is a dumb question