i'm in the midst of trying to do a short-sale and my situation is very complicated. i'll try to be brief.
home on the mkt since beginning of 08--no offers. little to no equity left due to market shift. my income--100% commission--cut by 70%. life as i know it completely stinks.
tried to file ch 7 in the fall and couldn't because i took $ out of my retirement to try to stay afloat temporarily during the summer mos. big mistake in more ways than one i now realize. that $ went into my means test and i was ineligible for bk.
fast forward to mid jan 09, ready to file ch 7 and get this....i now get an offer on my home. a low offer, would entail a short sale. i think well it's worth a shot to not have a fc. now about 60 days behind on mtg, can't do loan modification because my wages dropped. ssale attorney asks me to put bk on hold for 60 days to allow ssale to go thru...thinks we have a great shot at approval. i say yes can do 60 days.
one week later get served twice on 2 different amex accts. original attorney i was working with my debt issues since last summer says he can put off for a few mos, there are major issues with the complaint. issue now is my income is picking up and i will not be eligible for ch7 if i wait past may 1st.
end of jan get served with act 91, meet with the couselor, etc. he recommends bk and letting the house go.
my ssale attorney is basically telling me nothing other than the mtg co's are inundated with ssale requests and they are taking forever. it's been a month and no appr has been scheduled i can tell she thinks i'm the biggest pain (and she could care less about my other financial problems). original sales contract gives my bank until mar 1st to give approval. my agent wants me to extend...i say not yet i feel that extending will only further delay the process. i wanted to wait it out.
my thought is allow them to extend the sales contract until apr 1st and let my agent know i will not extend again. if it doesn't go thru by then, i'm done because i won't jeopardize the bk. but i'm afraid if i give her too much info that she will share that with the other agent who is local and i know. can i not sign the extension come the end of april? i'm assuming that's not a breach of contract.
by that time my income will be more steady and will probably have a "shot" at a loan modification/forebearance. but if i tell the bank to just take the house, is a foreclosure public knowledge. in other words, do agents know who the original owners were? i work for a local bank and have dealings with most of the agents and do not want to deal with people knowing i had a fc, let alone my neighbors finding out. it will affect how they perceive my ability to effectively do my job. see the problem? if i didn't work locally i'd say just give the house up.
regarding the short sale, i have a first with chase and second with citi. ssale attorney says she's had excellent results with both of them and chances are good they'll accept the offer. but is it reasonable to think they'll make a decision by apr 1st or am i completely wasting my time? i'll be protected by the bk for several months in regards to the house.
sorry so long and complicated. thought maybe someone else has run into this.
home on the mkt since beginning of 08--no offers. little to no equity left due to market shift. my income--100% commission--cut by 70%. life as i know it completely stinks.
tried to file ch 7 in the fall and couldn't because i took $ out of my retirement to try to stay afloat temporarily during the summer mos. big mistake in more ways than one i now realize. that $ went into my means test and i was ineligible for bk.
fast forward to mid jan 09, ready to file ch 7 and get this....i now get an offer on my home. a low offer, would entail a short sale. i think well it's worth a shot to not have a fc. now about 60 days behind on mtg, can't do loan modification because my wages dropped. ssale attorney asks me to put bk on hold for 60 days to allow ssale to go thru...thinks we have a great shot at approval. i say yes can do 60 days.
one week later get served twice on 2 different amex accts. original attorney i was working with my debt issues since last summer says he can put off for a few mos, there are major issues with the complaint. issue now is my income is picking up and i will not be eligible for ch7 if i wait past may 1st.
end of jan get served with act 91, meet with the couselor, etc. he recommends bk and letting the house go.
my ssale attorney is basically telling me nothing other than the mtg co's are inundated with ssale requests and they are taking forever. it's been a month and no appr has been scheduled i can tell she thinks i'm the biggest pain (and she could care less about my other financial problems). original sales contract gives my bank until mar 1st to give approval. my agent wants me to extend...i say not yet i feel that extending will only further delay the process. i wanted to wait it out.
my thought is allow them to extend the sales contract until apr 1st and let my agent know i will not extend again. if it doesn't go thru by then, i'm done because i won't jeopardize the bk. but i'm afraid if i give her too much info that she will share that with the other agent who is local and i know. can i not sign the extension come the end of april? i'm assuming that's not a breach of contract.
by that time my income will be more steady and will probably have a "shot" at a loan modification/forebearance. but if i tell the bank to just take the house, is a foreclosure public knowledge. in other words, do agents know who the original owners were? i work for a local bank and have dealings with most of the agents and do not want to deal with people knowing i had a fc, let alone my neighbors finding out. it will affect how they perceive my ability to effectively do my job. see the problem? if i didn't work locally i'd say just give the house up.
regarding the short sale, i have a first with chase and second with citi. ssale attorney says she's had excellent results with both of them and chances are good they'll accept the offer. but is it reasonable to think they'll make a decision by apr 1st or am i completely wasting my time? i'll be protected by the bk for several months in regards to the house.
sorry so long and complicated. thought maybe someone else has run into this.