Comment

Comment by Esther Bonnie Godel on July 10, 2011 at 1:58pm

I have no choice but to move back to South Florida to be near my mother.  Ive been back 3 times in the past 2 months staying at hotels, paying for food.  I wonder if I went to Bank of America and explained my situation if it would help.  These professionals did nothing better than what I did for myself.  The short dsale desk at Bank of America are kind, courteous, and will give me the time on the phone.  I need to know if they have a somewhere to see the actual decision makers.

Comment by Jim Schneider on July 10, 2011 at 11:11am

Ester, is there a way that you could document the financial hardship caused by helping with your mother's care? For example, I had to reduce my hours from # to #, I have to drive, __ miles per month at a cost of $__ and I am currently paying for her food, which costs $___ / month and medicine which costs $__ / month. If any of that is true and you can document paying for it (canceled checks, credit card statements, keep a travel log of assistance related trips), you may find that the bank is more willing.

 

I think that the help of a real estate agent that is experienced with short sales is valuable in these circumstances. Yours may or may not have been good, I wouldn't assume that because someone has a designation they're good. Look for a list of CLOSED short sales where they were the listing agent, ask to see the actual MLS print out with their name at the bottom.

Comment by Esther Bonnie Godel on July 9, 2011 at 11:13pm

My mother is not well and needs me to assist with her care.  There is no compromise.  Im wondering if I went to Bank of America personally and tried to do the right thing if they might be willing to consider the sale.  Would that be a foolish idea?   Otherwise, I will have to go the sleezy route.  I cannot handle to households.

Comment by Tni LeBlanc (805) 878-9879 on July 9, 2011 at 1:49am

That's a story that I hate to hear.  

I think Bryant's advice to flesh out the reason for the hardship lender is on point. 

Comment by Jeff Payne on July 9, 2011 at 1:10am

Esther, I know it sounds bad and may not work but do you have access to the $100,000 that you are short?  can you borrow it somewhere?   Not sure how much your current payment is but just thinking that if you can trade the higher note for a $100,000 note and pay that off over time, you may be able to work it out

Comment by Bryant Tutas on July 9, 2011 at 12:15am

Esther. Not all lenders and investors require you to miss payments. But some do as you found out. Sometimes trying again will get you a different response. Is there a hardship or are you just wanting to sell? Has something changed (other than property value) in your situation from the time you borrowed the money?