Need some help here, what to do? I'm still current.

[coolricks]

I'm in a pickle here and really very confused about the way things are going se here goes my short story:

I live in Las vegas Nevada

1.- I bought my house in 11/07, 100% FHA with 3% builder assistance, (Flagstar lender) 6 1/4 % fixed 30 years for $299000. Monthly payments are in check so I have no problem there so far. Never been late and I'm current on my payments.
2.- Company that I work for lost a contract with the company they were doing business, that is going to affect me since now my income will be reduced considerably, about $8.88/hrs short and probably will get less work hours.
3.- Started to look for a new job, got a job offer from an out of state company and they are asking me to relocate to a new city. they will pay all relocation expenses including the closing cost of the sale of my house and 1/2 of the closing cost if I purchase a house with in a year.
They have asked for a BMA analysis to 2 Real state agencies, after that they sent to me their Realtors, both of them have said to go with a short sale and seek legal advice from Real State Attorneys.

I called the lender about getting a way to keep my house by doing a loan modification or a short sale but the Lender does not even what to talk since I'm current on my payments, How ridicuolus is that??? so for me to begin a process they want me to trash my good credit??? and then they will see how to help me? yeah right!! the new job will let me afford my home if there's a loan mofication to current house values, I owe 293,000 dlls and comparables to my house are around in the range of 180 to 220's.

Where can I seek legal advice and for how much it will cost me?

Last but not least what options do I have in regards to the short sale????

I wanted to lay out a plan for the lender:

First option get the loan mofication and reestructure the amount (180 to
220 will work for me, with same % rate).

Second option face a short sale and offer to pay out of my pocket all of the closing cost of the lender only IF they do not trash my credit. Mean time keep paying for the mortgage amount.

Third Option face the short sale and not pay anything and take hit to my credit but still making payments untill house is sold.

Fourth let it go in to foreclosure.

Can they come back to me for the diference of the amount owned and sold?

Thanks.

[Dan Bailey]

Cool ricks, welcome to the forum.
It sounds like you're being pro-active on this and that sounds great! Unfortunately, the "not being talked to until behind" seems to be a common statement by the various service companies.
I'm sure one of the moderators will read this shortly and give you some specific suggestions on what to try next. Good luck with this!

[Dan Bailey]

One Action States
In some states, lenders are only permitted a single lawsuit to collect mortgage debt. This plays out differently depending on the state’s laws. In New York, for example, a lender must choose between the actions of foreclosing on the property or suing to collect the debt. The following states have some type of one action statute:

California
Idaho
Montana
Nevada
New York
Utah

This may help with info on your last question. Seems your state is listed in that category.

[Moe Bedard]

coolricks,

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

Currently lenders are not doing principle reductions................to even have a chance at that you would need to wait until October 1st when the new plan rolls out for FHA.............and since you already have an FHA it might be easier for you............here are the details.............if you can hold off just until that time without having to trash your credit it might work out better for you..........

FACT SHEET: FHA TO PROVIDE ADDITIONAL MORTGAGE ASSISTANCE TO STRUGGLING HOMEOWNERS

[coolricks]

Hey Thanks *** and danbailey for the prompt response, I started the process to get the lender's attention. I called the loss mitigation department, they sent me a packet to fill out, I guess thats how it starts eh?.
My house is listed now and on the market. I'll wait untill October to see how this new bill can help me.

I went to a consumer credit couseling approved by the HUD and they explained to me that this new bill helps but not entaerely:

If I qualify under this new bill I can get a principal reduction to current market value of my house but will only be apraised to 90%, if the house gains equity in the future then all that equity belongs to the goverment up to the amount that I owed to the bank prior to the reduction, after that then I can tap in to that equity, does this sounds close?

[Moe Bedard]

If thats what it says in the link I posted with the info...............but you left out the part about it being voluntary for the lenders to go along with the short refi..........