Yesterday, I was speaking with yet another seller who is now talking to us because of a failed loan modification. Well, the bank was willing to set up payment arrangements and they did give this family the option to short sell their house.
Sally, not her real name of course, called the bank and said she wanted to work something out after her and her husband got behind when he lost his job mid 2008. This bank said they couldn’t help them until they were 90 days late, which is a typical response from a bank. So, at this point, all they can do is move forward and try to survive. Meanwhile, other bills are piling up as they make ends meet and send what they can to the bank to try and stay in their home.
Months later, great news, the husband finds a job and they send in all the required paperwork in to get
a loan modification. They are denied because of their situation with other debt now, late payments to other creditors, and who knows the other reasons, BUT the lender is willing to work out payment arrangements, YIPPIE!
Ma’am, your new payment will be $2,200 which is only $450 more than their original mortgage payment. Sally knows there’s no way they can afford that and tells the bank she can’t do it. Bank says, well… have you attempted to short sell?
It’s an unfortunate story, but fortunately there is a way out by doing a short sale.
You might be in the same situation right now. If you need to short sale your GA house, but you’re nearing a foreclosure date, we can put a contract on your house and start negotiating with your bank immediately.
