I need advice on Foreclosures, Short Sales, etc.?

Question

We are in a common situation that seems to be happening to everyone. We were given a home loan for far too much money and now find ourselves stuck. We don't know which way to turn. Our lender is beloved Countrywide. We were advised to put our home up for sale and did so. We have an offer on the table but it is about $25,000 less than what we owe. We would like to keep our home but are unsure of what the best options are for us as we have heard that Countrywide likes to drag their feet in doing short sales. Any suggestions.

Answer 1

Check out the blogs at www.foreclosurefish.com.  They have a wealth of info on what is happening now in the housing market.

Answer 2

Are you using a real estate agent?  They should be familiar with short sales since that's what yours is.  Call Countrywide and ask to speak to the Loss Mitigation department.  The turnaround on short sale approvals isn't always quick so be patient.

Answer 3

Your in the same boat as millions of other people.

Countrywide is now owned by Bank of America.

You can try and refi the home with another bank. If you sell the home for $25K or for less than you owe, you will get a bill from the lender for that amount. You'll then have to pay it or see if they will carry the debt with interest.

Be ware of people soliciting you over the net. They may or may not be real - eg. could be scammers.

Good Luck!