Sort sale w/ HomeQ

[Help-Ohio]

Does your house have to be listed with an agent to do a short sale with HomeQ.

[faith]

Originally Posted by Help-Ohio

Does your house have to be listed with an agent to do a short sale with HomeQ.

Help0hio,
Yes, your house needs to be listed first with an agent before a lender deal with your request to do a Short Sale. Make sure that you ask the real estate agent if they have experienced doing Short Sale. Some lenders require that your house be on the market from 60-90 days before asking for a Short Sale. They will require you to give letter authorizing your agent to talk with your lender. YOu will submit a financial hardship letter stating reasons why you are asking for a Short Sale, a list of your monthly expenses, proof of income. etc.

It is also to your advantage and theirs too to have an agent because they have a lot of documents that you need to submit and sign like HUD1, listing price, contract that you signed with your agent, buyer's offer and the so called Short Sale package in which only a real estate agent can do. The lender will not approve your Short Sale if you don't have an offer from a buyer prequalified by your agent.

Hope this helps.

[Help-Ohio]

Thanks for your post....We have found a very qulified agent to list the house, we also have a cash offer for the short sale.

Has anyone had success with Homeq on a short sale?

We have had a load mod offer from them , but it the long run it just will not help us. We are underwater about 83,000.00 on the house, if we accept the loan mod it is only fixed for 5 years and plus the want a huge down payment which we can not come up with. We feel that we would just be in the same boat in five years, not being able to afford the payment and could never refi the amount owed.

At this point, we feel this is our best option.

[Moe Bedard]

I couldn't find any success stories on the forum, but I have seen some go through off line through lawyers and Realtors. It may depend on how good and aggressive your agent is and if they are good (they want that commission, they will make sure they close the deal).

You may want to read a few posts I have on the subject of short sales to make sure you are covered on every legal base.

Negotiating Deficiency is Key in a Short Sale

IRS Tax Laws on Short Sales

Short Sale Tips

[faith]

Originally Posted by Help-Ohio

Thanks for your post....We have found a very qulified agent to list the house, we also have a cash offer for the short sale.

Has anyone had success with Homeq on a short sale?

We have had a load mod offer from them , but it the long run it just will not help us. We are underwater about 83,000.00 on the house, if we accept the loan mod it is only fixed for 5 years and plus the want a huge down payment which we can not come up with. We feel that we would just be in the same boat in five years, not being able to afford the payment and could never refi the amount owed.

At this point, we feel this is our best option.

HelpOhio,
You are right that Short Sale is the best option. This forum has a lot of success stories about Short Sale, if you search the item titled Foreclosure Process and under it is Short Sale Outposts, you will find information that will help you. Go to forum and look for Foreclosure Process and under is Short Sale Outposts, you will see a lot of Short Sale topics and there's a lot of them. Enjoy reading the posts.

Take care,