Hurry up and wait - getting to me

[mindfreak]

Our rate is set to adjust August 1. Our prepayment penalty expires June 30. We've never been late with a payment. We considering either a loan mod or short sale. I've been extremely fatigued and stressed, and we haven't even begun.

I called an attorney Monday and spoke with his assistant. I was told an attorney would get back to me on Tuesday. It didn't happen. I called yesterday and left a message. I still haven't heard back. The clock is ticking.

I've been wanting to talk to the attorney about which course of action to take so that I can get the ball rolling. I can't take it if I have to call, call, call the attorney too.

I might just move forward on my own. I've been researching realtors experienced doing short sales in my area. I may start contacting them and vetting them out.

Call the attorney back and I will do some follow up if it is Marshall. Also your options are not that bad...you have until August, so panic is not in store yet.

Option One is working with people, they are doing everything that they can....they will allow short sales as well as the modifications. The requirement for the Short Sale is somewhat the same as Modification, they do require the financial package and then obviously a good Sales person for the Short Sale process....

I will contact the above party and have you immediately contacted!!!!

[mindfreak]

Poppy, you have some real clout. I got a call about 20 minutes after posting. Thank you.

Right now, we are wanting to try a short sale. I know we have to show financial hardship, etc, for the lender to agree. If the house sits for a while before being sold, which is likely, then our rate will adjust and we will have difficulty staying current beyond one or two months, and could end up in pre-foreclosure. Is there any way to mitigate that in advance? In other words, will a lender agree to freeze a rate while going through the short sale process before we fall behind? I'm thinking that they would not, as they are already taking a loss on the short sale itself.

I'm just trying to think of how to avoid completely destroying my husband's credit.

Your credit can be negotiated in the short sale situation so that there is little or no impact...it is the walking the tightrope kind of concept....there are all kinds of things that can be negotiated on all kinds of levels....Attorneys are good for that purpose.

[mindfreak]

Excellent to know. We will be sending out the retainer packet to Marshall and I feel we will be in good hands.

[mindfreak]

Whew, what a relief! I got our package off to Marshall today. It was eye opening but also empowering to go over our income and expenses in detail. It also makes a huge difference to have decided on a plan and enlist an advocate. I am grateful to this site for giving me the information and tools I needed to reach that point. I don't have any questions at the moment (let's see how long that lasts - hah!), I'm just chronicling our progress. I know we still have a long and bumpy road, but we are ready to face it. Geez, it's not as if we haven't been agonizing all along anyway.

Poppy, you're "financial therapy" is working.

God what a new profession to be wearing the lab coat on....LOL, I can just see the shingle that I hang on that one....

[mindfreak]

You would be a super-secret double agent "home loan life coach." LOL!

OMG....now I have a reputation to live up to....well, we will not talk about past lives.....

Just realize this I was a 60's gal....

[mindfreak]

Well, in anticipation of putting the house up for a short sale, we cleared out our third bedroom that I fondly refer to as our "debris room." We have prepped the walls and are preparing to paint. This makes me feel good! We have been talking about doing some home projects for months, and now that we have a plan I feel motivated to get going. I told my husband that even if it takes months and months to sell our house, at least it will be a nicer place for us to enjoy while we are here. The bright side, right?

Well now you are finally making the place what you wanted in the first place, you may have to stay.....

OMG, a make over in anticipation of Short Sale, couple decides to heck with it and stays regardless.......the place was to good to pass up....

[mindfreak]

But for my 4 hour round trip commute to work, and the ten hours shifts I work, you could be right. The truth is, when we first moved in we did a lot of painting and spiffing up, but then we burned out. Not only that, until I got a permanent job, we were under extreme financial duress which was paralyzing. Then when my mom died suddenly and unexpectedly, as the next of kin, I had to take care of her affairs, including planning and hosting a memorial celebration for her several months ago.

The fact that we are actually motivated to fix up our house is to me a sign that we have a more positive outlook, instead of feeling the heaviness of confusion and fear. Last week, after we decided to hire Marshall and try the short sale route, my husband came home from work with energy and a smile on his face for the first time in I don't know how long. I can't tell you how good that made me feel.

The fact that you are happy and are feeling the stress lift is the important part, the painting and other ancillary stuff will take care of itself.....