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I Need Help! How Do I Work With The Bank? |
Ricktheman95
2 Posts
Member Since: 05/09/2008
Surprise, AZ
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Posted: 00:55 on 05-09-2008
My name is Rick and I'm a cabinet contractor nationwide. I am a simple man who has invested in the past, and I currently have 2 rentals. Due to the declining market, business has suffered. Forcing me to deal with the fact that I may lose my house? I am current and have a 750 credit score, but it will take my company years to recover
My house is on a 40yr Neg. Am Loan.....
with a pay off of about 626k and value is300k
I want to know if the bank will reset the value, or do a short sale to me.
If you can please respond with fact or information, so I can be better informed..
Thanks
Rick the new guy in Az.
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tcowan17
27 Posts
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Posted: 14:29 on 05-09-2008
Rick,
Talk to the bank. Their willingness to work with you largely depends on the lender.
Will you be able to hold on to the two rental properties?
The normal course of events is to attempt a loan modification with the lender, if the hardship you are facing is temporary. The next step, if a modification isn't possible, is to explore a short sale - but you'll need a buyer and someone who understands the process to handle the negotiating (don't worry, there are plenty of people out there who have of late gotten into this niche. Make sure you qualify anyone you may decide to work with.) Finally, as a last resort you can give the bank the property. This is known as a deed in lieu of foreclosure, and it's more in the bank's benefit than yours. They may still, and probably will, file a deficiency judgment against you for the amount you owe versus what they sell it for as an REO (or at auction).
Banks will not usually consider a short sale unless the homeowner is in default.
Hope this is helpful.
_________________
ted cowan, SREC Coach
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Ricktheman95
2 Posts
Member Since: 05/09/2008
Surprise, AZ
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Posted: 15:08 on 05-09-2008
They can file a deficecy judgement on a homeowner occ. property?
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finniganps
1833 Posts
Member Since: 07/25/2005
Walnut Creek, CA
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Posted: 15:32 on 05-09-2008
Quote:
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On 2008-05-09 15:08, Ricktheman95 wrote:
They can file a deficecy judgement on a homeowner occ. property?
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Depends on whether your loan is recourse or non-recourse. Look at your closing documents and if you refinanced, those are the ones that will govern.
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