Husband Wants To Sell/i Want To Short Sell

JustDae

LoanSafe Member
Aug 19, 2008
23
0
1
We need to move. Select P. said it would be better to short sell than do a Deed of Lieu or Lieu of Deed - not sure how you say it. My husband wants to sell it regularly. I read the the articles on selling your home and I don't think I can afford what it would take to make our house sellable. Cleaning up is one thing, but our house needs a lot of work and I want out now.

I am the sole provider and I still have to pay the minimum on the mortgage. At least with a short sell I can stop paying the mortgage and use my check to safe up for the cost of moving and 1st and last month rent and receive financial assistance for moving.

So is it possible to do this with a lot of money?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,840
466
1,000
48
Southern California
www.loansafe.org
It is called a deed in lieu of foreclosure (DIL).

If you want out ASAP and you do not want to make repairs, your best bet is to sell "as is." Many home sellers choose this method.

A short sale will need to be approved by your mortgage servicer who will have to cooperate in the sale of your home which would be less than what you owe on the mortgage. This is why you will need Select Portfolio's approval and cooperation.
 

JustDae

LoanSafe Member
Aug 19, 2008
23
0
1
Hi Moe, thank you for your information. I forgot to add a very crucial point and that is we are behind in payments... a lot of payments, so wouldn't that make a difference. Am I right to think a sell as is wouldn't work in our situation?

Thank you
Dae
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,840
466
1,000
48
Southern California
www.loansafe.org
Hello Dae and you are most welcome!

You actually can sell the home as is and ask Select Portfolio to cooperate in a short sale. If they home doesn't sell via short sale, then you can ask for a deed in lieu of foreclosure. If that don't work, you can just walk away and deal with the consequences later. At least you will have done what you can to make right.

The best thing to do is find a real estate agent in your area who specializes in short sales. They can help you deal with your mortgage servicer and place the home for sale.

I wish you the best!