Mar
15
Can someone explaine to me what is quick sale( house) and how it works?
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I can’t afford my mortgage payments any longer due to my financial difficulties. I don’t have any late payments yet. Didn’t get any favorable answer from bank…property is not worth what is still owed on it…my friend said I have go for a quick sale…. I don’t know how it works… how do I go for quick sale. What are the first steps, I have to take…
Repossession
What is a quick sale(for a house) and how does it work? going through divorce and can’t afford the house, or the payments told that I can call bank and tell them and not make any payments and put house up for sale and hope for the best. thanksPassive Income ...
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Does anyone have feedback on Quick Sale House Companies in theUK? Good and Bad experiences please? We are trying to relocate to set up a business, unfortunately the one thing stopping this is a house sale. It has been on the market for two months now, we had a buyer who dropped out. Have seen ‘Quick House Sale Companies’ on the Internet and wondered if...
5 Comments
March 16th, 2009 at 12:40 pm
Those are for people with equity, you can’t do that because you owe more then the value.
You want to talk to your bank about doing a SHORT sale, which is very very far from being quick.
March 18th, 2009 at 2:34 am
I know how you feel, I’m in a bind too. Hopefully it will all work out for us.
I think you mean a “short” sale - which is where you take just the amount owed or as close to it as you can and the lender agrees to help you to avoid foreclosure.
I would talk to the lender first - no they won’t like it, but it’s pretty common these days and it can avoid foreclosure -
There are people specializing (you might say benefitting from other’s misery) in these short sales. It is complicated, and you may end up owing a lot of taxes on the difference between the sale price and what is owed.
Knowing all this you must act fast and talk to the people who know. the lender first and just be honest, and ask them who they’d suggest to help you legally with this. the more they like the agent, the easier the process I would think.
You may not be able to sell it - worse scenario - (this happened to my nephew just recently) and then you are headed for foreclosure.
This may affect your credit and other things.
The government supposedly has some new programs to help people - check that too. I don’t know where to refer you. Maybe key words government help for short sale or foreclosure. Just keep calling and emailing until you get help. and don’t give up.
March 19th, 2009 at 3:06 pm
You are probably referring to a “short sale.”
March 23rd, 2009 at 2:54 am
Unless you think you could sell it quickly for what you owe, your friend means “short” sale. First you would need to talk to your lender and get their approval. But they might not even respond unless you trash your credit with delinquent payments.
Then you would have to find a buyer willing to pay a price your lender would accept (if less than what you owe), before your lender forecloses.
They are not going to give you free money (forgiven debt) without some pain (bad credit), or everybody would be doing it.
If payments are too high, you could try to renegotiate your loan. But if you make smaller payments, you will end up paying more in the long run.
March 24th, 2009 at 3:18 am
Call your lender and tell them you want a modification, but to get it you have to skip at least two payments, it is your right not a privilege, this step will buy you some time while paying other bills so you can hold on to your credit and good name. As long as you are sending in payments on time the bank will not respond favorably. You need to light a fire under their ^^^. By the property not being worth what you owe on it, and you are having financial difficulties, this is how you’ll get your way. It sounds like your friend is talking about a short sale, but modify it first, so you can have the difference in payments to save while you are doing the short sale. Also call 1-888-340-8495, FHA has new loan program to assist you in this situation.