All Forum Posts by: Jack Jones

Scott, I sent you an email. If you have time would you please read the attachment and tell me what you think. Thanks so much

Thanks everyone, I have sent the realtor a letter asking her to contact the short sale negotiator. Now what do you recommend if I can't get the proper language into the agreement. Do I not do the short sale and let them foreclose? What options if any do I have.

I will try and talk with a lawyer Monday. I imagine if I say that I'm not going to sign unless the $7500 is "full and final payment" then they will go ahead and foreclose and auction the place.
I may have messed up in offering to pay the $7500 up front. If I had offered to do the $15K with a promissory note, and make monthly payments then maybe that would have been considered the deficiency.

The problem I see with getting anything changed or hiring an attorney is time. The place is scheduled to be auctioned on Feb 11th and if the short sale is not done by then it will be a done foreclosure. The lender is BOA and they are very slow in changing anything. Any suggestions considering this time line.

The problem I see is that I pay $7.5K at closing or can sign the$15K promissory note but the way the agreement reads is that they can still pursue deficiencies. Do you think I should try and get the ShortSale negotiator to try and get the agreement altered that they will not pursue deficiencies?

Jon, they are asking me to sign a $15K promissory note or pay $7.5K at closing.

Just got approval for short sale. I owe $200K on beach property and have an offer for $90K. In the short sale agreement it states that the lender or its investors may pursue a deficiency judgement for the difference in the payment received and the total balance due unless agreed otherwise. In the approval, which was done by a short sale specialist, I don't see any clause saying they will not seek deficiencys. If this is the case then what is the difference between this and a foreclosure and an auction. I thought the short sale would offer me some benefits.

I care about my credit but I don't have to have credit. Basically my only asset is the equity I have in my house.

I just talked with someone at the Mortgage Default Legal Team. She said that she felt that maybe a deed in lieu would be the way to go. She said that they charge $790 and handle all the legal work. She also said that I should stop making payments in order to get Countrywide's attention. What do some of you think that know more about this than I do. Is this good advice? Thanks

Dave is correct, the property value is way down. I have the loan with Countrywide. I wanted to refinance in order to get a low fixed rate. They said that was impossible if the place will only appraise for $140K. They are of no help.

My problem is that for 4 years I made payments on property that had no water or electricty. The property was not marketable in this condition. Now that the property is repaired (with new appliances, carpet, cabinets, heating and cooling) the market has collapsed. I don't have the money to keep making the payments. I used the $30K insurance money during the 4 years the property was damaged to make payments. I then had to send $40K that I didn't have to repair the place.
I wonder if Countrywide would consider a short sale? They don't seem to be very cooperative. If a short sale takes place, do I have to pay the difference. This is really a nightmare situation I have got myself into.