Hi all, I don’t know if I’m in the right spot or not but here goes!! I’m a homeowner & I’m about to go into Foreclosure!! My spouse left the home & me in it & we’re 3mos. behind, well tomorrow will be 4mos. I had the house on the market & I picked the worst Listing/Marketing Agents out there I think because they didn’t help me at all. So I just recently pulled it off. I’ve had numerous calls now, but I just don’t have time to re-list the house with another Realtor & I’m tired & FRUSTRATED!! My monthly payments are $1240(PTI). There are no Liens on the property either. I owe about $117,000 on the home. No 2nd. mortgage, no bankruptcy either. Original owner, been in the home for 9yrs. I really want someone who can help me move out, & then just sale the house & hopefully we can get something back. I don’t really want a lease option, I don’t want to owner finance & a short sale would be a last resort. The Foreclosure process hasn’t started yet, but it’ll be in mix pretty soon. I live in Cedar Park, Tx. & my area is a real hot area right now. Please let me know if someone can help me
You owe $117k, what does the property appraise for?
Who is the bank with the primary lien?
Have you refinanced before, if so, when?
What are the stats of the house? # bed, # bath, etc.
Do you have cash for closing costs? Enough for both buyer and seller?
Ok, my lender is Wells Fargo, I have not re-fi, I don’t have no cash for me let alone a buyer, sorry!! It appraises for $156,000. I have a 2story home in Cedar Park,Tx.(Quest Village), by the Library/ Police Dept. built in 1998, original owner. It’s 1900sqft. 2car attached garage, 3bed rooms with an upstairs loft that could be another bed room(all bed rooms upstairs), game room or office study, or just an upstairs den/hanging out area, & a separate formal living room! I have 2 full baths & 1 half bath, double vanity sinks in master bath room, garden tub & seperate shower, walk in closet in master bath, attic, spacious closets in other rooms, walk in pantry with washer/dryer connections in pantry, spacious back yard with covered patio & fencing around the yard, nicely landscaped front yard, with 2 trees, spacious kitchen with island & green counter tops, back splash tiles in kitchen, garage door opener stays with the house, phone jack in 1 of the rooms & can be used for a seperate number, high vaulted ceilings, ceiling fans in master bed room, den/game room, & downstairs living area, wired for security system, stainless steel double kitchen sink, with garden hose, new carpet May '07, new bath room commode & tiles in downstairs half bath room May’07, new garbage disposal May’07, new paint in 2005 & recently in Aug.'07, new hunter green carpet downstairs & a portion of the upstairs May’07, new fixtures, home is 3 sided masonary(house is red bricks with green trim & almond colored on the outside), HOA, nice Community Park, close to major intersections, Toll Roads & stores in Leander ISD, walking distance to the Library, & other businesses, working appliances(dishwasher does need to be replaced), cable ready & phone outlet in kitchen, master bed room & guest room, nice formal dining room, washer & dryer, huge living room that connects into the kitchen, friendly neighborhood, house backs up to the hike & bike trail, lots of kitchen cabinet space. . I never come here & someone was suggesting this site to me as a reference to help myself!!
With $39,000 in equity I would seriously doubt the lender will accept a short sale. If you are unable to refinance then the only other option I can see, other than the foreclosure route and all the options that go with it, is to sell it on the market.
With that much equity you should be able to find a buyer and cover your closing costs. List again with another Realtor, but before you sign a listing agreement, interview them. Find out how much work they put forth in finding buyers.
You may also want to contact some mortgage companies. Most all of the ones I work with have buyers or know Realtors with buyers.
Good Luck! :beer
Here are some options to foreclosure:
- Workout a plan with your lender (to help you get caught up)
- Refinance your mortgage with your current lender
- Work with a mortgage broker to refinance your mortgage
- Work with a Realtor to find a homebuyer (if there’s enough time)
- File bankruptcy to get rid of unsecured debt and defer the foreclosure (this will go on your credit report and will stay there for years)
- Sell your home to an investor before it goes to auction (this saves you from a ruined credit report and you can end up with some equity for moving and a fresh start)
- Do nothing and lose your home and all your equity, destroying your credit record in the process
I hope this helps.
Demos Loizides
Have you personally contacted your lender? That is the very first thing I would do.
They have other options than just refinancing. Ask for a forebearance so that you have some time to sell your house with a new realtor.
It sounds to me like you may be over owning this home. If you just want out you may want to consider listing the property with a Realtor at a low price. The other option is while it is listed, speak with your lender about doing a “deed in lieu of foreclosure”. In essence what you do is give the home back to the bank for foregiveness of the debt. It is not a great solution but it is better than foreclosure.
newjobs30: Check your email. I’m not far from you.
your area is real hot ??
wow i did not think there was such a thing in this market!!
anyway if its so hot why couldnt a real estate agent find you a buyer?
any offers you did not accept?
What was your asking price??
If you only owe 117k i’m sure an investor could buy it @ near that price if its WORTH 156k and still give you some move out money in your pocket!
and worth means comps @ the 156k not asking prices but actual recent sales in your subdivision.
I realize this may not be your first option (of course, neither is dealing with foreclosure) but have you considered just moving out and renting it? I don’t know your market very well, but I would think you could get enough rent to cover your mortgage payment. You’d have to work with your lender to do a forbearance agreement (ie, putting what you owe on the backend of the loan so you can just begin making payments again).