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You have a legitimate reason for a short sale (loss of a spousal income) and so even though your finances are current, you should contact the bank asap. Please keep in mind most loan mitigation depts. will send paperwork that states the home must be currently listed with a broker as well as require in writing via financial documentation reason to allow short sale. The bank is in the drivers seat during the short-sale process. Your credit will suffer, please ask the bank how much. Consolidate, talk to your banking institution and see if you can consolidate your credit cards for a single loan. If you have stocks you can borrow against them instead of selling them (70%), this will allow them to split etc. while you retain ownership. 90% into your home is not a bad number considering the banks were allowed to loan up to 125%. Plan your move now - it is better to have a realistic Idea of where you will live and how much it will cost to get there.
I guess the reason I am here is because I felt certain the lender is in the driver's seat, as you say, but wanted info on how to be an effective "back seat driver", so to speak. Knowing what to ask for is over half the battle. And , altho I don't doubt my agent's intelligence or negotiating ability, heck, I've been in sales a long time and there's just so far you can push yourself out of the good of your heart before you weigh the time and against the money.....
Coming from a sales back ground, I know that most things are negotiable, but don't know what the loss mitigation dept's hot spots are going to be. In this sea of failures going on, how do I get them, in their salaried positions, to help me more than the next guy/gal? I wasn't a "reacher" on an explosive ARM - I could afford what I contracted on a fixed APR. Life was good, money was good, credit was good.
how do I appeal to them?
"Look, I've done a good job keeping current despite the loss of job hardship, but have exhausted my resources and cannot make it up now..."
"please help me preserve whatever credit rating I can"
"additional hardship is big hospital bill while unemployed and uninsured - Hubby had a diabetic near-coma - ER, hosp stay, etc etc - 12K later..... deepening the hole."
"With no help from you, I may have to resort to BK"
Do I go ahead and admit that I was stricken with blind optimism and didn't anticipate this crisis?
"If I foreclose or BK, you lose $XX, if you help me you only lose $XX - win-win, OK?" "or lose less-lose less, OK?" (how do I calculate real figures for that appeal?)
can I go ahead and ask them to forbear on current NOW? Do I strap myself and try to stay current on mortgage and scr*w the credit cards? How do you request forbearance when you are trying to sell? If I announce a short sell in the MLS, aren't we all (me and the bank) just asking for leaches to come out of the wood work - forcing them to accpt less and me to accept more debt after recourse? (Florida contracts - lenders have recourse)
Hard and fast ideas from the good of your hearts are very welcome.
ohnoooo
I just wanted to touch on something with regards to the bankruptcy.
If you have been using the cards in the last 6 to 9 months there is a very good chance that these balances can be contested in the BK.
Once a credit card receives notice of BK they have a team that reviews usage. They will actually show up(be it their lawyer or representative)at the BK hearing contesting the discharge of recent usage.
Usually BK lawyers will have free consultations I would talk to a couple before making this decision.
One option that may help is call both car loan companies explain the situation (leaving out the savings account) ask if you can "delay payment" for 3 months you pay just the interest and the remaining amount is put on the end of the loan. lol there is a name for this but at 6 am it is hiding in the back of my brain.
The reason you ask for 3 is they will usually do this for 1 or 2 so by asking for 3 you can hopefully get 2.
Also if you have never been late on the credit cards call each one and ask for a lower interest rate. Do not mention at this point having financial problems or that you are considering BK as they may close the accounts. Use the "I have been a long time customer and received a balance transfer offer" can you match. you must get to the "account retention team" the normal customer service rep can't do this.
If you have been using the cards in the last 6 to 9 months there is a very good chance that these balances can be contested in the BK.
I used 26K but paid 11K, that leaves me with 15K "used and not repaid" during that time - Of course, I thought there'd be equity in my home to offset that.....
I have been employing some pretty radical math concepts over the past several months to justify what I've been doing, obviously.
Duh. The fact that I owed $15K BEFORE the job loss was dumb enough, but to rationalize that "equity" would pay all or part, and to continue running up debt, PLAIN STUPID.
Honey, you have just put a big smile on my face at the start of my day. Thank you.
Regardless of whether this 'works' out or not that phone call has accomplished something pretty big. Gave ya hope, encouragment and boosted your confidence. You can't ask for much more than that! Too cool! I'm thrilled for you.
Now, get out and get your name out there more!
And enjoy it!
PC - your smile makes me smile! You're encouragement and well-wishing is so genuine! I look forward to posting more good news in the immediate future!
...y'know, I am incredibly impressed to the type of people drawn to this site. (just when you feel like the "world's against you" - you find so many in the world who are not!
ohno, good for you and good luck (well wishes coming to you from MA). I guess you've just proven the old saying when one door closes another opens! GO GET 'EM!
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