I negotiate with banks to take tens of thousands less. They pay all seller closing fees- because if they foreclose they will do it anyway, why not get a jump on it, besides they don't want to worry about a vacant house after they foreclose. I will prove your hardship to the bank.
Luckily with the recent market increase many sellers have equity. I can postpone your trustee sale and get your equity out! My large portfolio of past negotiations over the last 12 years in this specialty will give you an edge. Many times I find myself dealing with the same institutions over and over. Here is a quick example of a typical short sale: Your home is worth $200,000. You owe your first lender $160,000. You recently got a second loan for $50,000. Three months ago you lost your job.
What to Do? I market your home for $205,000. I get a quick offer for $200,000. It costs 6% commission to sell, plus 2% (as a rule of thumb) for closing fees- termite work, escrow, title inurance, transfer tax, etc. That's 8% of the sales price total. $200,000 x .08= $16,000. We have $200,000-$16,000= $184,000. Your first lender takes $160,000, which leaves $24,000 for your second lender. Your lender will love you for acknowledging that you were keen enough to sell before the home actually foreclosed.
Something is better than nothing which is exactly what your second lender would receive if the first lender forecloses. You walk away knowing you avoided foreclosure and you paid the second lender $24,000. Keep your credit clean and you may buy another home in 1 or 2 years. Remember junior liens (seconds,thirds, etc.) can seek to collect even after a first trust deed forecloses. Therefore it is in your best interest to avoid foreclosure and pay them as much as a preforeclosure sale allows. In most cases your second will take partial payment as "settlement in full", and write the remainder off as a loss!
Some sellers even have judgements, mechanic liens, or state or federal tax liens against their property- Ty Wallace knows how to take care of those issues too.
Call Ty at his cell 951-202-8950 . E Mail: tywallace@earthlink.net. I'm here to help.
***Remember your lenders pay ALL of the real estate fees. They will know after I educate them that you are in tough times and have no funds. After all if you had money you would make the mortgage payment and wouldn't be behind***
