Can I do the short sale on our house (husband is only one on loan - I am not on the loan) or do we have to 3rd party to do it for us?
Are you talking about marketing it to an end buyer (Short Sale)?
Or are you talking about buying it your self (Short Sale to You)?
If your talking about doing the leg work to find someone to buy your home as a short sale it’s perfectly fine for you to do the leg work?
If your scheming to buy it in your name since husband is on loan this is illegal as you can not self serve yourself your property!
You can however sell your home by short sale and buy another home in your name only if you meet the credit and income requirements for full doc loan?
yes, I’m talking about finding someone to buy it, we move out and GASP Rent. GASP
I know selling it to myself is illegal.
Business has dropped so badly, we wouldn’t qualify for another home in my name right now. And with negative appreciation in the house, we don’t have any kind of down payment.
Sucks to be me.
Thanks for the help!
Since you are in AZ, let me point you to the #1 Short Sale office in AZ with a 90% success rate.
If you are interested, PM me and I will provide you with the information.
Unless you have been doing short sales for a few years, I would not recommend trying it yourself. It’s a real pain. Get a professional negotiator.
Allowing a homeowner to handle their own short sale has become more common than it was in the past. As a matter of fact, I know a number of people who had their mortgage company suggest they do a short sale of their own home. So yes, it can be done.
However, as RDO stated it is a pain and having an expert who can negotiate and assemble a proper short sale package would be highly recommended.
Yes it can be done, but there is no benefit to doing so. You will end up with nothing no matter who does it so hire good negotiators and realtors. You don’t pay their fees.
Although I guess you might check to see if you qualify for HAFA. You might get a check to help you move. (though I don’t know much about HAFA or if it is really working)