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Need To Hire A Negotiator |
jbrady05
2 Posts
Member Since: 12/06/2007
Madison, NJ
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Posted: 10:55 on 05-14-2008
My wife and I need an advisor who can give us direction on what to do with the mess we're in. Or possibly negotiate with our lender on our behalf.
Background: We're underwater on our Morris county, NJ home to the tune of about $150k on two mortgages with Fremont, being serviced by ASC/Wells. There is $730k on the first. $70k on the second. Original payment represented 75% of income. Mortgage application was 100% truthful, full doc loan. The mortgages are 100% in my wifes name. We bought the home for $650k in 5/05, refi-ed with Fremont in 11/05 for $800k. Wells/ASC, the servicer, agreed to modify the first mortgage in 1/08, by locking in 6% lifetime and avoid any resets.
The payments are more than we can afford. However, we are 100% current and have never missed a payment. We have had the house listed at the $875k for 4 months. We've had 1 offer for $700k.
We need some insights on how to expedite the short sale process with Wells/ASC and negotiate to leave my wife's credit undamaged. ( I know this will not be easy) OR Negotiate a lower principal, forgiveness on the second etc.
Thanks in advance for your thoughts!
[ Edited by jbrady05 on Date 05/14/2008 ]
[ Edited by jbrady05 on Date 05/14/2008 ]
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finniganps
2121 Posts
Member Since: 07/25/2005
Walnut Creek, CA
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Posted: 11:06 on 05-14-2008
I think you need to understand that if you are getting out from under this house you will not be able to avoid damaging your wifes credit unless you can sell the house for what is owed (after expenses). The question is to what extent, and that depends on how you get out from under this. I'm sure others will have some ideas on what damages her credit the least and what to do.
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JohnLocke
4180 Posts
Member Since: 06/17/2002
Belmont, NC
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Posted: 11:49 on 05-14-2008
jbrady05,
Glad to meet you.
We have an expert right on this board that is the person to contact.
http://tinyurl.com/62ut23 TheShortSalePro
John $Cash$ Locke
_________________
"If people like you they'll listen to you, but if they trust you they'll do business with you."
[ Edited by JohnLocke on Date 05/14/2008 ]
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Stockpro99
2170 Posts
Member Since: 07/01/2003
Salt Lake City, UT
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Posted: 12:37 on 05-14-2008
Find someone in your local REIA. I have worked hundreds of short sales (many out of state) and we will try and help people stay in their homes, re-fi with the bank etc. all in the interest of good will and future business.
I am sure that someone in your local investor association will do the same for you if you ask around.
_________________
"Chance favors the prepared mind"
Randall Wall
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JohnLocke
4180 Posts
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Belmont, NC
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Posted: 14:36 on 05-14-2008
Stockpro99,
Posters first post looking for help, doubt he knows what a REIA is.
John $Cash$ Locke
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"If people like you they'll listen to you, but if they trust you they'll do business with you."
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TheShortSalePro
3969 Posts
Member Since: 01/29/2003
Oakhurst, NJ
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Posted: 08:16 on 05-15-2008
Thanks, John. My Private Message capacity is full, so I cannot receive or send PMs.
The book, Fight Foreclosure! would be a good place for JBrady, or anyone facing uncertain times, to start.
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jbrady05
2 Posts
Member Since: 12/06/2007
Madison, NJ
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Posted: 08:27 on 05-15-2008
Thanks - this is exactly what I was looking for. I really appreciate your ideas. I plan to follow up with my local REIA and SPOCH. I'll let you know how it works out!
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Stockpro99
2170 Posts
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Salt Lake City, UT
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Posted: 11:50 on 06-11-2008
I have helped out at least 20 investors from our local group in foreclosure when they over reached themselves on pre-construction deals locally.
This is a great market for short sales and we run around 30 each month here in the last quarter. It is funny how some take 15 months and others take 15 days (seemingly without reason).
The important thing to remember is that you can recover if you are in foreclosure and you can buy a house next month afterwards. I bought 4 last month with no bank financing Sub To etc.
Keep up the faith!
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afcjkatz
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Posted: 23:06 on 06-28-2008
Mr. Brady,
I am sorry to hear that your dealing with ASC. We deal with them frequently and I have to say that they put a new grey hair every time I have to deal with them. Either way that is why we're around but I digress. You're going to want to get your property listed ASAP and get an offer into their hands. Make sure that the agent you use can help you with the negotiation or you are going to want get a counseling agency to help you with your case.
Best regards,
[ Edited by afcjkatz on Date 06/28/2008 ]
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