Too late for a short sale?

[Confused-In-FL]

First off let me say what a great forum this is. I have searched many forums and sites over the past several months, this hands down is the best I've seen.

[Confused-In-FL]

First off let me say what a great forum this is. I have searched many forums and sites over the past several months, this hands down is the best I've seen.

So our story here in FL is no different than many of the stories I've read here. I will spare most of the personal details(in an effort to keep this post reasonably short) but while reading my post please keep in mind that we are very typical of whats happening in this mortgage/foreclosure crisis going on all across the country. Meaning that our situation is not very complex like some, but like many, we simply can not meet our mortgage payments any longer.

We have a 30 yr fixed interest only with countrywide @6.25%. Defaulted in December 07 when the monthly PITI jumped from $1400/mo to $1900/mo primarily from a gargantuan increase in HOI. Prior to this we were making it but just barely. We've tried everything with CW all to no avail. deed in lieu, short sale, mod. No luck. Home is now in foreclosure. No sale date yet. One week ago we recieved the FED EX packet with the HSA program. We can't afford that either. We are at the point of just walking away. We checked with a few chapter 7 attorneys but if you think the mortgage issue is confusing Anyway it seems to me our only option is chapter 7 and we just wanted to get some other opinions. We feel like we are paralyzed, not quite sure what to do or which way to go. Any thoughts or ideas will be appreciated greatly. Thank you and again, great job with this amazing forum.

[Cat Damiano]

Hi Confused-In-FL



Welcome to the forum and thank you for joining...........

Unfortunately the decision is yours to make...........but knowing what you are facing would be key to making a good, sound decision.........

Florida Foreclosure Law

[Confused-In-FL]

Wife and I recieved the summons from CW yesterday. We have 30 days to respond. Is it too late to try a short sale? We asked CW very early on & they said at the time we were not in default so no short sale. Would they accept one now or is it too late? Once foreclosure starts is that pretty much the end of negotiations? If not do we just call a realtor and ask for a short sale or do we need some kind of "pre-approval" from CW? Sorry for all the questions and we appreciate any input. Thanx

[Cat Damiano]

No it is not too late but you need to get on it..........CW requires the house to be listed before they will even approve a Short Sale.........
you can ask them for an agent referal for your area...........this way they would be more incline to work with you regarding dates and timeframes of the foreclosure process...........
So you would need to call them asap........

[faith]

Hello, Peace be with you.
Glad to know that this web is now ok.

Cat is right, it's not too late for you. You have to put your house in the market by hiring a real estate agent who knows short sale, check bbb search for real estate agents.

You have to email, call them and write them a letter, hardship letter, pay stubs, financial statements etc. then once your house is in the market, you have to have an offer from a buyer, give authorization to your agent to talk to CW and wait until they decide to approve the short sale. Just be patient with them. It takes time when you're doing short sale, you have to be persistence, patient and stay cool. I have my first listing for 6 months expired in January 2008 in which 6 buyers backed out for long process. Then I've listed it again for 4 months and there's 3 offers, the 1st buyer backed out long process. Don't worry about foreclosure, they won't do it, I have asked them to take my house and foreclose it but they never did and I have missed payments for 8 months now. I pray that God will guide you in what directions you need to do and to bring you the right people, right agent, right negotiator, right buyer to help you with your house and divine favor..

Take care and God bless you.

Faith