Short Sale Possibility

[lasvegasgirl]

My husband and I are getting divorced, he moved out in April, I caught up the mortgage until I couldnt do it any more. I'm currently 4 months behind on both the first and small second. The house is in my name but the moprtgage is in my soon to be x-husband. I was told so many things, like.....if I screw up his credit by being late (because I live in the house, not him) that he can point the finger at me, and his bad credit becomes my bad credit also. and ....then some one suggested to get a buyer for the house and just sell the house as a short sale. I was also told that by getting a buyer to make on offer on the house, and I accept it, my agent submits the offer to the lender for "short sale approveal" ....in the mean time this will temporarily stop the foreclosure until the sale is approved, or not approved which can take months and it will buy me time to save up some oney to move out. Has anyone done this, or know how this works? I have to know because if I'm gonna get thrown out...I have dogs, cats, and need time, to find a place to move to which will accept me and my pets (I rescue unwanted pets) I've been a homeowner for years and I'm not leaving them behind and I'm not giving them to the shelter to be put down. Ideally, I would rather make things work and stay here in this house until this all blows over but I cant afford th eigh payments.

[Moe Bedard]

Hi lasvegasgirl,

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

Who is the lender?
What is the interest rate at?
Is it fixed or adjustable?
If adjustable when is it adjusting?
Are you paying interest only or PITI?
One loan or two?
What state are you in?


For a short sale you would be better off hiring a real estate attorney that does short sales because your situation would need your soon to be ex husband to sign off on a short sale too...........
and they could take a while from start to finish..........

[lasvegasgirl]

option One on the first, and Nevada state Bank on the second...both are at like, 6% each. The mortgage on the first includes everything, taxes, insurance, P&I and is 1,500 a month. the second is $700. a month and that was for fixing up the house. It is an adjustable rate but doesn't increase for another year. I live in Las Vegas, Nevada. My husband is being very co-operative and our divorce is very civil. I explained to him this new FHA buydown the loan coming out wednesday and he agrees to help, by looking into it and doing whatever he can. Like other professionals, and as a real estate agent, I've help many others, buy forgot to help myself. and do to my personal emotional state, I'm not thinking clearly. This is a very emotional time and as a 58 year old I'm scared. I thank you in advance for your help.

[Moe Bedard]

The issue that you are going to run into with the new bill is.........before applying for the new loan, second liens would need to be extinguished also if your husband owns another property that would be another one.


Call Option One and see what options the investor on your loan would have for your situation..........

1-877-374-3100

[lasvegasgirl]

no there is no other properties, and this loan is not an fha so I guess, I'm screwed....thanks for all your help..your a sweetie!

[Moe Bedard]

The loan does not need to be an FHA loan to begin with............you have to apply for an FHA refinance with an FHA approved lender and meet the guidelines and the current lender would need to accept a short payoff which you would have to see if they are willing to do that...........

Here is the info.........and you can find an FHA approved lender in your area there too..........


Housing and Economic Recovery Act of 2008 FAQ