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Permalink Reply by Bruce Metcalf on June 23, 2010 at 12:50am

I’m 14 moths into a nightmare of a short sale. I have been through two realtors and my first mortgage was Country wide bought by BofA. My second mortgage a HELOC is with E*TRADE /PNC I too have been dealing with this Al Lubaway. This is a second house that we rented. The tenants stopped paying rent a year before I finally got them out. The place was trashed. The realtor suggested a short sale and I agreed, using up my last 15K getting the placer back in shape. The house once worth 350K was worth between 180K and 197K in March of 09 when we listed it. Got buyers right away who have hung in there to this day. BofA I owe 234K and E* TRADE is owe 49K. Back in May all was going well until PNC demanded 26K at closing, I was devastated. No way could I come close to that. We re-submitted to BofA a new HUD with that on it netting them 168K instead of the 190K that they would have gotten. We also sent a rebuttal to PNC asking for a better deal including leaning my primary home, Al Lubaway has suggested that that would take months and if so this deal is dead and foreclosure would happen soon unless BofA gives us another extension while not receiving a payment from me in months. I have not seen or read anything encouraging on these blogs. The deadline for me on this deal is June 30th 2010. Does anyone know what will happen if this place goes into foreclosure.

Permalink Reply by Myles McMahon on July 12, 2010 at 6:46am

LOA FAx # 937-910-3333
Short Sale package 937-910-4009

Permalink Reply by Terry L. Osburn on July 12, 2010 at 9:15am

Have you touched base with a real estate tax attorney and/or CPA? If not, I would highly suggest you do so now.



Bruce Metcalf said:

I’m 14 moths into a nightmare of a short sale. I have been through two realtors and my first mortgage was Country wide bought by BofA. My second mortgage a HELOC is with E*TRADE /PNC I too have been dealing with this Al Lubaway. This is a second house that we rented. The tenants stopped paying rent a year before I finally got them out. The place was trashed. The realtor suggested a short sale and I agreed, using up my last 15K getting the placer back in shape. The house once worth 350K was worth between 180K and 197K in March of 09 when we listed it. Got buyers right away who have hung in there to this day. BofA I owe 234K and E* TRADE is owe 49K. Back in May all was going well until PNC demanded 26K at closing, I was devastated. No way could I come close to that. We re-submitted to BofA a new HUD with that on it netting them 168K instead of the 190K that they would have gotten. We also sent a rebuttal to PNC asking for a better deal including leaning my primary home, Al Lubaway has suggested that that would take months and if so this deal is dead and foreclosure would happen soon unless BofA gives us another extension while not receiving a payment from me in months. I have not seen or read anything encouraging on these blogs. The deadline for me on this deal is June 30th 2010. Does anyone know what will happen if this place goes into foreclosure.