I came across couple of home owners who were looking to rent a house and after talking to them for a while, I found out that they are looking for rental place after their house was foreclosed. I asked them whether they had tried for loan modification or short sale. They said “Yes! We tried for loan modification but the lender denied our request and after a while we received trustee sale notice so it was too late to try to do short sale” . They thought that once someone gets trustee sale notice then they cannot do anything other than let it go to foreclosure.
The big question is once you receive Notice of Trustee Sale, can I still qualify for short sale? The answer is YES! Yes, you could qualify for short sale. Find out with a local short sale professional whether you qualify for a short sale. All you have to do:
1. Consult with CPA or attorney on your tax ramifications questions.
2. Hire an experienced short sale agent. You can search on google for short sale expert in your area (always check their website contents for quality short sale information)
3. You can also ask your friends/families for a good referral (short sale expert) in your area.
4. Before hiring a real estate agent, ask whether they have closed any short sale, similar to your situation (trustee sale notice).
5. Take action NOW on all of the above steps. You have short period of time before trustee sale date.
I have helped a family also from foreclosure, who had received trustee sale notice. We received the offer within couple of days and closed in a month. Now, they are happy and if they want to buy a house, they can qualify for another loan in 2 years and chances are that they can buy a similar house at same or lower price after 2 years.
Don’t just let your house go to foreclosure, call your local short sale expert, even if you have received the trustee sale notice and try for short sale. The closer it gets to trustee sale date, the harder it gets to do short sale, so take action now.
Similar Posts:
- How to Stop a Trustee Sale in Bay Area
- How Can I Find Out If My Home Is In Foreclosure?
- I Have Received Notice Of Default, What Should I Do?
- One More Family Saved From Foreclosure in Milpitas, CA
- Homeowners Frustrated with Loan Modification Programs
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{ 1 comment… read it below or add one }
Hello Mr. Samuel,
I have a rental property that is in foreclosure (NOD). I have 3 options:
1. keep the home, thus paying off all back dues, attorney fees, and interest.
2. let the house go, thus damaging more my credit and losing everything.
3. short sale the home, a less severe result as compare to a foreclosure.
I need some advice as to the benefits and disadvantages of a short sale. If you have this expertise and can provide me with your recommendation, please contact me. Thank you.
Sincerely,
Joseph
Email: jemj_2000@yahoo.com