How about a short sale negotiator?

Radiance · #1 (**permalink**) 07-01-2009, 01:07 PM

Any experience getting a short sale with the help of a short sale negotiator?

zetta · #2 (**permalink**) 07-01-2009, 02:08 PM

No experience personally. I'd recommend finding someone who has had a short sale and felt the negotiator did a good job -- or if that's hard to find, ask for references from potential negotiators that you interview and double check the facts of the sales with public records. It's an area that is potentially ripe for scam artists, just like negotiators that claim they can convince your bank to refinance. My mother's boyfriend paid $3k to a firm that was supposed to help him get better terms on his loan, but they didn't get him any relief and now he's out the money and is in foreclosure anyway. So explore the options, but be cautious before you put any money down.

Radiance · #3 (**permalink**) 07-01-2009, 02:46 PM

Lately I feel I might need to keep the home, as tight as I am I can not demonstrate in paper I can not afford the payments.
My home payment is under 32% of my income and that is all they care about.
Goverment plans also are looking for that magical number.
After the bank approved a temporary loan mod, I am at 31%
If they continue approving extensions to the loan mod, I can afford based on that percentage.

Problem is that if they stop approving extensions to the loan mod and I stop being able to "afford" the house, I would have made all these "modified" payments in vane. Money in the garbage and unavoidable foreclosure.

creditcardfree · #4 (**permalink**) 07-01-2009, 03:30 PM

I'm asking the question more than giving an answer. Wouldn't a real estate agent be able to negotiate a short sale? You would need a buyer first anyway, right?

Jillycd · #5 (**permalink**) 07-01-2009, 05:20 PM

Wealthy Me: Are you trying to sell your home and negotiate a short sale with the bank or refinance your home for more manageable payments?

Radiance · #6 (**permalink**) 07-01-2009, 07:24 PM

Want to sell the home, but bank would not approve for me to sell.
They will negotiate more manageable but only as a 6 month solution each time.

conancare · #7 (**permalink**) 07-04-2009, 01:12 AM

Hi Wealthy Me,
I would like suggest you is to keep patients paying the money and simultaneously find the direct buyer by spreading the message of your house selling to your near by people or friends or nephew, And when the time come sale it for good price and get away from this problem. In future instead of taking loans make sure you make more investments as well. So that payment wont' be a burden for you.

Regards,
Conan