Replies to This Discussion

Permalink Reply by Bryant Tutas on August 3, 2010 at 7:17am

Joe. It's possible that they will want you to be 30 days late. If this is your primary residence yo may qualify for a HAFA short sale. If that's the case then you don't need to be behind you just have to show that default is imminent. Ask them about HAFA first. Don't miss any payment sunless it is absolutely necessary. And please seek legal advice.

Permalink Reply by Ben Benita on August 3, 2010 at 9:25am

it is a requirement for the HAFA program i believe.....we ALWAYS advise our clients to respond with:

1 - "Really, i can quit sending you cash each month and live in teh home FOR FREE and THEN you will help me...that is AWESOME!!!!", and watch how they back peddle

or

2 - "My attorney asked me to have you send me something in writing saying thatyou REQUIER me to ruin my credit before you will help...."

either of the above will often get them to back down.

Know that your credit WILl be dinged as a result of teh short sale, and, continuing to pay, you aer literally just paying to keep your credit up, you would get the EXACT same benefit jsut sending your check directly to Experian or one of the other credit bureaus.

you wuold do jsut as well sending your check to a charity, AT LEAST THEY WILL THANK YOU FOR TEH CASH....when was the last time fannie sent you a "thank you"!!!!

Anyway, your call ont eh payments, but, know that the ONLY financial bebenift is that it MIGHT keep your credit up for a short time, and, you will NEVER see a dime of that money again....why not take your mortage payment and take your family on a nice vacation to help you get through this tough financial time????

Permalink Reply by Joe DeRobertis on August 3, 2010 at 11:28am

Thanks guys, we'll see how this goes, but I greatly appreciate the advice. I've already been in contact with an attorney and feel pretty good about where things stand here, but I was a bit thrown by Fannie Mae. We'll see if they give us that line and if so I'll take Ben's advice and advise them that my attorney is requesting this in writing...

Thanks!

Permalink Reply by Gwen Mark on August 28, 2010 at 12:32pm

I can only share my experience, and in no way want to advise you to screw your credit. I am a short sale negotiator. After months of waiting for a response (I believe this was a B of A before Equator), the file was not moving at all, and the customer service rep finally told me he couldn't give me a reason, but to call Fannie Mae. He gave me a number, so I called. I had to leave a message, and a few days later someone returned my call. He then told me that the Homeowner's were not behind (which I was unaware of) and that there were thousands close to foreclosure, so they had to look at those files first. Mine was not urgent and therefore not being considered. Sure sounds like you have to be behind to me! Now, we have HAFA, so who knows,,,