Mandatory Relocation: Options? Is a short sale, deed in lieu of foreclosure...advice appreciated
Good afternoon,
We reside in the state of Georgia. We owe more than the home i worth. Mandatory relocation required to Chicago. Company is willing to pay for realtor fees, however, we need to know what would be our best option. On the other end (Chicago) we have a lease-to-purchase option we can work with that will carry us two years beore we have to enter into the "sale".
We need advice:
1. Short sale requirements we may not meet (income exceed the 31%.)
2. Employer is only willing to carry expenses (living) for 60 days, after that we are on our own. As a family of 5, we can't find anything cheap enough monthly where we could carry two payments even if we wanted to.
3. There has been no increase in pay/compensation, so there is not more money to draw from. In fact, if this had not happened we would have been forced into something regardless since unemployment insurance ceased for my wife, which had been contributing approximately $1200, allowing us to make ends meet when she lost her job.
4. My mortgage is not with Fannie/Freddie or Government, but the institution is participating in these programs. EMC if you know wjho they are.
Should we go to EMC and say, here is the offer letter and in 60 days we won't be able to pay? Should we contact them with a request for short sale? Should we contact a realtor first? ayiyiyi, help?
Replies to This Discussion
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Permalink Reply by Kent Dills on
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Timothy,
Call around some of the local real estate offices and ask for references to someone who is AN EXPERT AND ACTUALLY CLOSED MULTIPLE SHORT SALES.
Anyone else on this msg board who is in Georgia please answer this request for info ASAP.
Kent -
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Permalink Reply by Brigitte Powell on
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contact an attorney first. One who is experienced in real estate and knows short sales and foreclosures.....follow his advice. You can also call EMC BEFORE you contact your attorney and find out what they say your options are ....and then contact an attorney. AFTER that contact a REALTOR .....IF you are doing a short sale.(you may want to contact a Real Estate AGent who has experience in Short Sales and ask who a good attorney would be. Make sure you find out what he charges.
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Permalink Reply by Debbie Franklyn on
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Hi Timothy.
It seems to me that you have a true hardship. I have a client who has had to relocate out of state and he is also "upside down" on his loan. He cannot maintain two homes. We submitted the hardship letter to the bank and he was approved for the short sale.
I do recommend you type a very strong hardship letter and contact a strong short sale real estate broker to help you through all of this. You may find one on this site in your area. Please do not do it yourself!
Hope this helps. -
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