Hi,
I have a thread in deed in lieu journaling this story, but i thought it may be valuable to others in this forum.
Early april 09 - Decided to stop paying mortgage and short sale on a home that was purchased for 260K that plummeted in value to 95ish K. The Neighbors asked us to contact them should we decide to short sale. We did....I contacted Litton Loan (servicer of the mortgage) about the process of Deed In Lieu and Short Sale. They told me a Deed in Lieu must be listed for sale in the MLS for 90 days before they would consider, a short sale is considered and completed if the Litton Hired BPO (broker price opinion) is in line with the offer.
I called a realtor friend of mine to list, then the neighbors to purchase. The neighbors asked an agent to represent them.
i cannot say this didn't come with some attempts from Litton to get as much as they could, the first offer was 95K which Litton came back with an OK with me signing a promisorry Note for 5K at zero interest for 10 years. I said FORECLOSE!!!!! Litton tried to guilt me in to agreeing during conversation, but i held steady and let them know i was not attached to the outcome. ( I was a little, but I felt I could not waiver) So back to negotiations with the buyer....
The buyer agreed to up thier offer to 96K, we signed and Litton Agreed with no money coming from me. COOOLLLL!!!
6/12/09 - everyone signed, and closed
From what i can tell from statements made at closing, a Lot of this smooth transition has to do with the Litton representative Gil Martinez, he was very responsive when asked anything from My Realtor and the closing agent....I guess i got lucky
