BUYING A HOME AFTER SHORT SALE IN WILMINGTON NC

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As a Realtor who has been heavily involved closing WILMINGTON NC SHORT SALES over the last two years, one of the questions that I get asked quite often from home sellers is how long will it take before I will be able to buy a home again.

The answer to this question does not have any clear cut and dry answer. There are quite a few variables involved when trying to figure out when someone will be able to purchase a home after a foreclosure or short sale

Going through either a short sale or a foreclosure has the potential to seriously impact ones credit. Government entities Fannie Mae, Freddie Mac and FHA do not directly loan money to individuals but are the governing body that work with lenders to guarantee loans and free up money to provide mortgages.

Banks typically have the authority to lend to whoever they want but will generally follow the guidelines set forth by these entities. There are some lenders of course that will take greater risks with some borrowers than others.

Below are the general guidelines that FHA, Fannie Mae and Freddie Mac follow when considering a loan after a short sale or foreclosure:

Short sale with FHA Loan

  • Can purchase right away with no mortgage default
  • 3 year wait if in default at the closing
  • Reduced wait if the borrower has re-established good      credit and can show extenuating circumstances

Short Sale With Fannie Mae Loan

  • 2 year wait if the borrower puts 20 % down
  • 4 year wait if the borrower puts between 10% to 20% down
  • 7 year wait if the borrower puts less than 10% down
  • 2 year wait if the borrower can show extenuating      circumstances and puts more than 10% down

Short Sale with Freddie Mac Loan

  • 4 year wait before being able to get a loan
  • 2 year wait if the borrower can show extenuating      circumstances

Foreclosure with an FHA Loan

  • 3 year wait before being able to get a loan
  • Reduced wait if the borrower can show extenuating      circumstances and re-establishes good credit

Foreclosure with a Fannie Mae Loan

  • 7 year wait from the completed foreclosure sale date
  • 3 year wait if the borrower can show extenuating      circumstances. Additional underwriting requirements apply for 4 years      after a 3 year waiting period.
  • 7 year wait for a 2nd home, cash out re-financing, or      an investment property

Foreclosure with a Freddie Mac Loan

  • 5 year wait from the completed foreclosure sale date
  • 3 year wait if the borrower can show extenuating      circumstances

** As a side note a deed in lieu of foreclosure follows the same guidelines as FHA’s foreclosure policy, the same as Fannie Mae and Freddie Macs short sale policy.

When analyzing the difference between completing a short sale or going through a foreclosure in regards to purchasing another property in the future it boils down to the waiting time which is more favorable in a short sale.

*** The above information for waiting periods before buying a home after completing a short sale and foreclosure was sourced by the Fannie Mae and Freddie Mac selling guides along with the FHA handbook.

If you are need to short sale your home or condo in Wilmington, Hampstead, Leland, Rocky Point, Wrightsville Beach, or Carolina Beach get in touch! I would love to interview for the chance to represent your best interests.

I am successfully completing short sales throughout the Wilmington NC and Surronding areas. So far, knock on wood, I have a 98% success rate for short sale approval! Short sales are specialized transactions that are critical to have the right Realtor representing you. Do not make the mistake of picking an agent that does not understand how to get to the closing table on a short sale. www.shortsalewilmingtonnc.com

If you are outside the Wilmington NC  area and need to do a Short Sale please feel free to contact me and I would be happy to refer you to a Realtor in your location that handles short sales and knows what they are doing! I have referred short sales to other Realtors all around the country.

Nilesh Jethwa (CDPE)

910-622-0319

WILMINGTON NC SHORT SALE EXPERT

www.shortsalewilmingtonnc.com



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Wilmington NC Short Sales – Important Information Homeowners Should Acknowledge PART ONE

Wilmington NC Short Sales – Important Information Homeowners Should Acknowledge PART ONE

There are a large number of homeowners who have been led to think that the perfect way to avoid foreclosure and walk free from a mortgage without owing a dime is simply by using a short sale. Much of this type of thinking is gaining traction simply because of a lot of confusion that has occurred when it comes to strategies used in real estate. This may be true in part; however the short sales process is not as simple as some people may think.

Short selling is an option some homeowners use when the bank, credit union or other type of mortgage lender they have borrowed from provides them with the option of selling their home to a third party (generally the lender) at a price that is much lower than what they actually still owe on the note of their mortgage. The short sales process is one that is often used by homeowners who are trying to avoid getting caught up in a foreclosure. Thus, receiving approval from the lender to short sale allows them the opportunity to sell their property at a significantly lower rate. It is also important to compare short sales and foreclosures to ensure you are making the right decision.

To most people, it sounds rather strange for any type of lender to be willing to accept a lower amount from homeowners than what they truly owe on their home. There is more than just one reason why a bank chooses to accept short sales. The key reason is, simply put, that a short sale costs them much less than what a home foreclosure would. The expense banks already have to consider from foreclosures is astronomical. They will also be able to supply you with information in regards to benefits received from short sales. However, when they provide homeowners with the option of short selling, they are then able to recover at least a partial amount of what they would otherwise completely end up losing. When a bank has several mortgages that are non-performing, the Federal Reserve will often lower the amounts or even suspend funds they provide to these lenders.

There are also two different options in regards to short sales that a credit union, bank or other lender might offer. Before attempting the short sales process, it is vital to find out which one it is that your lender offers to homeowners. These options are as follows:

1. Deficiency Judgment – In using this type of short sale option, the homeowner will be held liable to pay whatever difference there may be in short selling and the balance of their mortgage loan. It is important to note that short sales information of a deficiency judgment will stay on a homeowner’s credit report until the balance is paid. Short sales of this nature frequently take numerous years to pay off, as the balance generally equals thousands of dollars.

2. Payment in Full w/out Pursuit of Deficiency Judgment – This particular type of short sales option is the most popular choice among most homeowners. They do not have to worry about moneys that are required above the amount their property is sold. This means they are free and clear of obligations after the process is complete of short selling their property.If the process of short sales is something you must consider it is necessary to contact the bank as soon as possible to gain short sale information on the type of options that are available to you, along with information in regards to short sales vs. foreclosure

 

NILESH JETHWA
WILMINGTON NC SHORT SALE EXPERT

http://www.shortsalewilmingtonnc.com/

 

No Equity: Wilmington NC Short Sale

No Equity

Are You Upside Down on Your House Value
or Fallen Behind in Payments?

A “Short Sale” is a special transaction that allows you to sell your home even when your mortgage debt is higher than the value of your home.  Your lender takes the loss for the difference between sales price and your indebtedness, but takes an even greater loss if forced to foreclose. 

Very few Real Estate Agents have the contacts and expertise to quickly and efficiently process a Short Sale. I’ve been professionally trained on how to help with your current lenders so you can quickly sell the property and get out from under this burden. 

A Short Sale will help you:
Avoid Foreclosure
Avoid Bankruptcy
Protect Your Credit From Intensely Negative Impacts
Be Free of Financial and Emotional Burdens

There is NO charge to you for any of our short sale service. You will never be asked to pay us any money, regardless if the deal closes or not.

If you would like to set up a no obligation consultation to discuss your options to avoid foreclosure or to see if you qualify for short sale then you can reach me directly at (910) 622-0319 or submit the below form: We are here to help you!

 Nilesh Jethwa: Wilmington NC Short Sales

www.shortsalewilmingtonnc.com



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11 Things To Know About Buying A Short Sale Home In Wilmington, NC

11 Things To Know About Buying a Short Sale Home in Wilmington, NC

Now-a-days you can see that most of the listings are short sales. Those who are looking to buy, can get a good houses and sometimes below market price.

Here are 11 things about buying a short sale home in Wilmington NC, which might help you to buy short sale listings in this market:

1. Educate Yourself About Short Sale:

You need to know more about short sale and difference between short sale and other sales (regular sale & reo sale). Whether it’s the right buy for you or not. If you want to buy as soon as possible and cannot wait couple of months then short sale is not the right choice to write an offer. But if you can wait couple of month then look for short sale homes also in your search criteria and ask your agent to show short sale listings also.

2. Get Pre-Approval:

This is important whether you are writing offer to short sale or other type of listings. Pre-approval will make your offer stronger and gets higher priority than others who are submitting without pre-approval. So, make sure you are pre approved with a good lender before your home search.

3. Time Frame:

It takes time to know the final approval from the seller’s lender after you submit your offer, may be 1 month, 3 months or more. You need to have patience to wait that long for your dream home.

4. Offer Acceptance:

Even though, seller accepts your offer, doesn’t mean that your offer has accepted and you can move forward with that offer. Once you submit the offer, the seller’s agent forwards to the seller’s lender for final approval. The lender may accept it, reject or counter back to you with their price based on their own appraisal price.

5. Other Liens:

If other liens like HOA, tax liens and others where the seller owes to those lien holders , could also be a hindrance to the final approval of the sale. Most of the time, bank approves to pay all the liens but sometime they don’t, in that case either the seller or buyer or both needs to contribute to get that good deal.

6. Writing Offer:

Write a good offer based on the market value, don’t think that it’s a short sale, you can write a ridiculously low offer and bank will accept it. No, once you submit the offer, bank will also do their part by ordering appraisal to check the market value. They compare the appraisal value with your offer price. If you really like the house then write your best offer so that you can have higher chance of getting that house. Now, write only for those houses which you really like and not all short sale listings.

7. Check Listing Agent:

Check whether the agent representing the seller has experience in short sale or trained /certified agent in short sale, this shows that the agent can handle the short sale correctly from the beginning itself from submitting the package to getting approval from the lender. If the buyer side agent is also experienced is short sale then that would be a plus point to the buyer.

8. Follow up:

You need patience, once you submit your offer, don’t call your agent every other day for the status. The lender takes time depends on their work load to order appraisal or BPO (Broker Price Opinion) to determine the market value. This process itself sometime takes 30 days and another 30 or more days for final approval. But make sure, you ask your agent to follow up with the listing agent every other week or so for the latest update if any.

9. Backup Offers:

If you really like the house and somebody already wrote an offer, then ask your agent to submit a backup offer, if they are accepting the backup offers because sometimes the first buyer may walk away from the deal due to long waiting period or due to some other personal reasons.

10. Terms & Condition:

All the short sale listings are “As-is” sale, but that doesn’t mean you have to buy a house without any inspections. You have the right to do all the inspections but the seller will not fix anything if there’s any repair. It depends on you whether you are satisfied with the inspection reports and repairs(if any).

11. After Approval:

After getting the approval letter from the lender then work on to remove your contingencies(inspections, loan approval) and submit your initial deposit to the title within the specified time so that you can close the escrow on time and move to your home.

Buyers, you can get a deal with a short sale, but it comes at a price. If you have the time and the patience you could be rewarded handsomely.

Posted By Nilesh Jethwa CDPE Wilmington NC



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WILMINGTON NC HAFA SHORT SALES

The HAFA program is the government’s new short sale program. The government created the program in an effort to assist homeowners who can no longer afford their home and who want to avoid the damage a foreclosure does to a borrower’s credit. The following is my understanding of the program guidelines as presented in the MAKING AFFORDABLE Supplemental directive 09-09.The federal government has asked lenders to voluntarily implement a new program called Housing Affordable Foreclosure Alternative (HAFA.) The start date is April 1, 2010 although it is expected that some lenders will implement the program sooner and as I stated earlier, lender participation is voluntary. The guidelines further state that a lender who participated in the HAMP (Homeowner Affordable Modification Program) will be required to participate in HAFA. Loans in which Fannie or Freddie has an interest in do not qualify. They are working on their own short sale program. In order to qualify for HAFA, a homeowner must meet the basic eligibility requirements for HAMP. They are: • The property is the borrower’s primary residence. • The mortgage loan is the first lien originated before 01/01/09. • The mortgage is delinquent or default is reasonably foreseeable. • The current mortgage balance is $729,750.00 or less. • The borrower’s monthly mortgage payment exceeds 31% of the borrower’s gross income. • If the borrower has mortgage insurance, the insurer must waive any right to collection from theborrower. If a borrower meets the following criteria, the participating servicer must give the borrower the option to enter into the HAFA program: • The borrower did not qualify for the HAMP trial period. • The borrower did not successfully complete the HAMP trial period. • The borrower is delinquent on their HAMP modification. • The borrower requests a short sale or deed-in-lieu. The good news for sellers who participate in HAFA: • The lender is required to forgive any deficiency (no more waiting and wondering if they going pursue the deficiency.) • The sellers will get $1500.00 at close of escrow. • Servicers are expected to provide an approval letter 10 days from the date the offer is received (no more waiting for months with no guarantee that the short sale will be approved.) • The short sale will be pre-approved and the server will provide the listing agent with a pre-approved listing price. • The server will pay up to 3%, but no more than $3000.00, to junior lien holders. • If a borrower meets the HAMP qualification requirements listed above, they can participate in HAFA without going through the HAMP program first; as long as their servicer is participating in the program. However, if the borrower hasn’t gone through HAMP first, it will be very difficult for a servicer to get an approval letter to the borrower ten days from the offer submission date, and it will more than likely create delays. During the HAMP program process the borrower’s hardship is evaluated. The servicer becomes very familiar with the homeowner’s situation and all the obstacles that cause short sales to take forever are dealt with. Short sale pre-approval is pretty much determined through the HAMP process, so going through the HAMP program first will help the short sale to move quickly through HAFA. The good news for buyers: • The endless waiting for short sale approval will be eliminated. Short sale approval in 10 days or less. • Lenders must allow at least 45 days for close of escrow. This program will take all those frustrating unknowns out of the short sale process. The HAFA summary states that it is the borrower’s responsibility (with the assistance of their Realtor) to “deliver clear marketable title to the purchaser or investor.” It further says that the servicer can assist the borrower and the listing agent in the negotiations with lien holders, but they are not required to do so. An experienced Short sale agent knows how to negotiate with junior lien holders; however juniors could create problems based on HAFA guidelines. The program provides $3000.00 for junior lien holders. It also requires that junior lien give up the right to pursue any deficiency. If a junior wants more than $3000.00 and/or is not willing to forgive the deficiency, the borrower will not be able to obtain clear title as required. Multiple junior liens could create a problem. If there is more than 1 junior lien holder, $3000.00 may not be enough to satisfy them all. Another potential issue is that senior liens are not mentioned in the program guidelines. Property taxes are considered a senior lien and currently lenders will pay past due property taxes in order to attain clear title. Since the HAFA program stipulates that providing clear title is the borrower’s responsibility, one could assume that the borrower will have to pay any past due property taxes, before close of escrow, so clear title can be provided. definitely One other important requirement: • The transaction must be completely arms length. No one involved in the transaction can be related. This includes the Realtors, the buyers and the sellers. Currently in a short sale transaction the lender does not automatically give up the right to pursue. Large numbers of short sales fail because borrowers are concerned that the lender may pursue the deficiency. The fact that the HAFA program requires that the lender forgives any deficiency is a huge relief for borrowers struggling with their mortgage. Other than the problems that may arise with other lien holders, this program is a major step in the right direction for borrowers who are “under water.” It gives them a real chance at a fresh start. There are so many borrowers out there that are responsible people who find themselves in a night mare they never imagined, this program is an opportunity to move beyond the night mare and begin again. It is also a win for everyone who lives in the neighborhood of the borrower who participates in HAMP. Short sales generally do not bring down the value of the neighborhood as much as an REO does. Overall we see this as a positive solution for a homeowner in a very difficult situation. This is one of most important step in short sale, hire an experienced agent, if that agent is Certified and trained in short sale then that would be a plus. An experienced short sale agent knows how to negotiate with lender, how to prepare the short sale package and how to market your property to get buyer for your house. Before hiring, check that agent’s web presence, ask for reference and check whether they have successfully closed any short sale transactions. If you are in Wilmington , NC or near by area and need my service for short sale, don’t hesitate to contact me at 910-622-0319, your expert short sale agent in Wilmington area. www.shortsalewilmingtonnc.com.

Posted by Nilesh Jethwa



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WILMINGTON NC SHORT SALE, I am Paying My Mortgage Payment From My Savings And Credit Cards

I am Paying My Mortgage Payment From My Savings And Credit Cards

 

I have seen some home owners paying their mortgage payment from their saving accounts and credit cards in order to pay their monthly payment because they don’t have enough money to pay their payment and don’t want to be behind in payment. 

Home owners are trying their best to save their house and doing everything possible they can to pay their mortgage.  You have to ask yourself these questions “how long am I’m planning to pay like this?” And “Is this just for current month or for more than couple of months?

If it’s just for a month because of some unseen financial issues then it may be ok but you should be really careful by using credit cards to pay for monthly mortgage payment because next month, you have to cover additional payments for this charges on your credit card plus your monthly payment.

If you are using credit cards and also getting money from savings to pay your mortgage for more than a month then it’s a sign of financial hardship and you have to take some early action to resolve this problem by either modifying your loan or short sale (sell your house) otherwise you will get into deeper debt before you know it. 

If you think, your financial hardship is temporary and will be ok in a short period of time then contact your lender directly for loan modification and ask for their loan modification package.  You can do this loan modification for free by contacting the lender directly.  But, if you know that you cannot refinance because the property value is upside down and the lender denied your loan modification because you don’t have enough income then contact a short sale expert in your local area to do short sale. 

I know, you are trying your best to save your house by paying your mortgage on time, but my sincere advice is that, don’t maximize your credit cards and empty your savings in order to pay your monthly payments, in this way, you will end up in more debt which will create more problem and tension in the future. 

Once you know that you will be in trouble in paying your mortgage, contact your lender immediately for loan modification and if the loan modification is not possible then try to do short sale to avoid foreclosure from your credit.

If you are in Wilmington NC area and need my free consultation on how to do loan modification or if you need my free service for short sale then feel free to contact me at 910-622-0319 or email me, I would be happy to assist you.

Nilesh Jethwa

WILMINGTON NC SHORT SALE EXPERT

Short Sale and Buy Another Home In Wilmington NC Area

Short Sale and Buy Another Home In Wilmington NC Area

Many short sellers are worried about buying their next home or where they would move if they sell their current home due to financial hardship. Now, you have one more option- you can short sell your current home and move to a new home after short sale. “No”, it is not something illegal or “bail and buy” program. It’s the new loan program for short sale sellers.
Like other loan programs, this newest loan program has their own criteria and not all short sellers qualify for this program. Some of the guidelines are:
– Minimum FICO Score should be 640+
– No late payment for the last 12 months
– 3.5% minimum down payment ,Gifts are ok!
– Cannot buy your next home for more than the original home loan
If you are in bay area and having financial hardship and planning to sell your current house then give me a call to see if you qualify for another home as soon as you sell your current home. I can help you to sell your current home and buy your next home.
Even if you had sold (short sell) your house 12 months ago and you are paying your rent on time and meets the above criteria, then you may qualify for this new program so that you can move to your new home sooner rather than waiting for years to buy your new next home, just give me a call to see if you qualify for this newest loan program. You can reach me at 910-622-0319.
I wish all my readers a Happy New Year, and keep sending me your feedbacks on my blog and referrals who would like to do short sale anywhere in Wilmington and Leland area.

Nilesh Jethwa
Wilmington NC Short Sale
www.wilmingtonncshortsale.com

Wilmington NC HAFA Short Sale 7 Benefits

Discover 7 Benefits of HAFA Short Sale for Homeowners

Exciting News for Homeowners! This new law is going to be effective as of April 5, 2010, it is called HAFA – Home Affordable Foreclosure Alternative, which will help homeowners who are having difficulty in paying the mortgage and cannot afford the loan modification program under the Home Affordable Modification Program (HAMP).  This new guidance is supplemental of HAMP, which gives guidance to servicers to work on short sale or deed-in-lieu to avoid foreclosure on an eligible loan under this program.

This new program is beneficial for everyone – borrower, servicer and investors by providing foreclosure alternatives and incentives for participating in this program. Currently, this program is available for loans which are not owned or guaranteed by Fannie Mae or Freddie Mac.

Borrowers that meet the eligibility criteria for HAMP but cannot afford the modified payments, or do not successfully complete a Trial Period Plan, or default on a HAMP modification (missed at least two consecutive payments) or request a short sale will be eligible for HAFA program.  The short sale must be arm’s length transaction

Let me tell you some of the benefits for homeowners of doing short sale under this program:

  1. The servicer may not require a cash contribution or promissory note from the borrower
  2. The servicer will approve the list price even before listing the house if you are qualified for HAMP but cannot afford it
  3. Servicer must forfeit the ability to pursue a deficiency judgment against the borrower.  This is one of the biggest benefits for homeowners who are doing short sale under this program, so after the sale, they don’t have to worry about any deficiency judgment after selling the house
  4. The servicer will pay the allowable closing costs for the seller to close the transaction
  5. The servicer may pay the subordinate liens not more than 6% of the unpaid principle balance of their loan to release the lien and full release of borrower liability (No more fear of deficiency judgment from the second lien holder!)
  6. Borrowers will get $3,000 as relocation expense at close of escrow.
  7. The servicer will pay the realtor’s commission, so no out of pocket expenses from the seller

Short sale is a complex transactions involving coordination and cooperation amount all parties involved in this transaction, so work with an experienced short sale real estate agent who have experienced in closing short sales, not all agents are experienced in short sale.

There are certain guidelines and time period, which you have to follow in order to complete the short sale successfully, so check the agent’s experience in short sale before selecting as your agent for assisting in your short sale.

If you have any questions on HAFA short sale or would like to see whether you qualify for the HAFA program, please call me at (910) 622-0319, I would be happy to assist you. If you are in bay area and would like to meet with me personally for a free confidential consultation then also give me a call. www.shortsalewilmintonnc.com

 

Posted by NIlesh Jethwa Wilmington NC Short Sale Expert

 

 

 

 

Wilmington NC Short Sale Top 5 things to do before you Short Sale Your House

Top 5 things to do before you short sale your house in Wilmington NC

Short Sale in Wilmington NC is a long process and it takes times to complete the process and I know it is a difficult choice for you to sell your house which you bought with a good intension to live there or raise your family. But due to certain circumstances, now you cannot afford to keep the house and cannot qualify for loan modification or refinancing. At this point, one of the best options is to do short sale.

Before you decide on short sale, these are the 5 things you need to know which I think is important in your decision.

1. Educate Yourself with All Options

First thing, you have to do is check on internet and educate yourself about different options to avoid foreclosure as soon as you think you will be in trouble. I guess you are already doing that by reading my blog. You can also Google or search on Yahoo on loan modification, deed-in-lieu, bankruptcy, foreclosure, short sale and other available options to avoid foreclosure. Ask professionals (realtor, CPA, attorney) for various options who are familiar with options to avoid foreclosure. It’s better to be pro-active to solve any issues rather than waiting or ignore the problems.

2. Contact Your Lender or HUD Counselors

Once you know that it would be hard to keep paying the payment or when you missed your first payment, contact your lender directly for help in modifying your loan or refinance. Ask your lender what all documents needed for modification or refinance based on your qualified program. Submit all required documents and keep following up with the lender (I know, its time consuming but you are trying to save your house so, it’s ok for that hard work). You can also contact your local HUD counselors for help to negotiate with the lender so that you can keep your house. You don’t have to pay any fees, it’s a free service. Avoid all the scammers who ask for up-front fees or wants to sign your deed to them.

3. Consult Your CPA or Attorney

If your lender denied your loan modification or do not qualify for loan modification due to some reason and cannot afford to own your house, check with your CPA or tax attorney for any tax ramification or any other legal questiosn for doing short sale. The new Mortgage Forgiveness Relief Act 2007 allows you to relief from the tax if it’s your primary residence. Check your scenario with these professionals if you have to pay any taxes or not.

4. Documents required – if going forward for short sale

If you decide to go for short sale then you are required to present these documents to submit to the lender for short sale approval. It’s always to better to have these documents before you start the short sale process. These documents are as follows:
– Copy of your recent mortgage statements
– Last 2 years tax return
– Last 2 paystubs
– Last 2 months of bank statements
– Hardship letter which explains your hardship
– Financial statements which includes your incomes and expenses
– Any other documents to prove your hardship

5. Work with an experienced short sale agent

This is one of most important step in short sale, hire an experienced agent, if that agent is Certified and trained in short sale then that would be a plus. An experienced short sale agent knows how to negotiate with lender, how to prepare the short sale package and how to market your property to get buyer for your house. Before hiring, check that agent’s web presence, ask for reference and check whether they have successfully closed any short sale transactions.

If you are in Wilmington , NC or near by area and need my service for short sale, don’t hesitate to contact me at 910-622-0319, your expert short sale real estate agent in Wilmington area. www.shortsalewilmingtonnc.com.

posted by nilesh jethwa

Divorce Short Sales, Wilmington NC

Short Sale: Wilmington, NC I’m Getting Divorce and Cannot Afford to Pay the Mortgage

Nilesh Jethwa: Wilmington NC Short Sale Expert

Couple of days ago, I had received a called from a lady and mentioned that she is getting divorce and cannot afford to pay the mortgage alone on her house and also asked “Do I have any options to avoid foreclosure?

She bought the house together with her husband but now they are separating and her husband is moving out of the house and doesn’t want to pay the mortgage.  It was really sad to hear about her current situation and now she is confused what to do with the house.
 
She tried to refinance and loan modification but bank denied her loan modification due to her high debt to income ratio and couldn’t get refinanced because her house value has gone way down than the loan amount.  She thought foreclosure is the only option at this time.

I explained about short sale and its advantages and disadvantages over foreclosure.  She realized that there are options other than foreclosure and successful short sale will avoid foreclosure from her credit history.

The good news is that her husband is cooperating with the short sale and ready to sign the documents which are required for short sale.  I have sent all the required documents to her so that we can start working on short sale.  At least, after successful short sale, they can move forward on their life without worrying about their mortgage payment and foreclosure.

If you know anyone in the same situation in the Wilmington and Leland NC area, going through divorce, cannot afford the house payment and cannot qualify for loan modification then please refer them to me so that I can help them to sell their house and avoid foreclosure from their credit history.

Please feel free to check my other posts on my website www.shortsalewilmingtonnc.com for more information on short sale or contact me directly at 910-622-0319.