Its official!

lorifrank

LoanSafe Member
Apr 17, 2013
48
1
8
Hi Evan and Team -

Thank you for all your kind words, extremely relevant and helpful guidance and this safe place to post! We officially listed our home yesterday for SS - wow, I thought it would be more emotional - but honestly, the thought of not hassling WK and ASC each month on trial mods, payments and the 30th round of the same paperwork - FEELS AWESOME!

A few things that I insisted, that I think will really help - first we got a realtor who showed us the 30 short sales he has closed in 2 years - they range from million dollar homes - to ones that are right at our price point.

Our realtor was calm, non judgemental and had a wonderful sense that as a family, we needed to do this to move on! He sat at our kitchen table and told us he was on the journey with us!

Second, I was able to arrange that no pictures, and no sign in my yard for a few weeks - this gives us time to pack, de-clutter and not have the neighbors asking questions, yet. We have told only the people we care about, our families and the school - and that little control seems really empowering!

But thanks again for all the ears - we hope that WF will accept a reasonable offer on this place - and I can promise the next person who lives here, will be appreciative of all the good care we took of things -

"Sometimes the wrong choices, bring us to the right places"
 

Josie!

LoanSafe Member
Jan 26, 2014
54
3
8
Good luck! I listed mine in September. My realtor was equally supportive and non-judgmental and had a ton of experience in short sales. Unfortunately, the bank appraised the property for a lot higher than any home in the area is selling for and now they won't accept any of the offers we put forth. Very frustrating. I hope you have better luck!
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Thank you so much for the gracious words and we wish you the best of luck with the short sale lori! Having an experienced short sale agent can make a huge difference and I'm sure he knows he may be up for some tough negotiations when you have a 2nd lien attached to the property.

Please keep us posted and we'll do all we can to help you make it through this process! Although I'm not sure you'll need any further guidance if you get an accepted offer in a timely matter.;-)
 

lorifrank

LoanSafe Member
Apr 17, 2013
48
1
8
Thanks Everyone! We are fortunate that the bank did an appraisal for the house in the summer - it came in at $279K - we started our listing for $305k (which is right in the range that homes are selling) - and since we don't have a second mortgage or lien - we are keeping our fingers crossed! We found a perfect rental - and our daughter can begin the next trimester in a new school -

This forum is a life saver!
 

lorifrank

LoanSafe Member
Apr 17, 2013
48
1
8
Evan - quick question - our realtor says SS are much encouraging for our home since we only have one mortgage on the property - no second - is this true?
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
So sorry about that, YES a short sale as well as a DIL are both much easier to accomplish when you only have one mortgage!
 

Josie!

LoanSafe Member
Jan 26, 2014
54
3
8
It sounds like you are in a great position! Cursing the day I took out that darn HELOC!!!
 

lorifrank

LoanSafe Member
Apr 17, 2013
48
1
8
Well - here's some news - house on the market for 48 hours - already have an offer. Now the waiting begins.........
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
That's great news Lori! I'm not surprised an offer was made in such a timely matter as housing inventory remains extremely tight!
 

lorifrank

LoanSafe Member
Apr 17, 2013
48
1
8
Just posting an update -

All paperwork is with the attorney (she is amazing) - the home inspection revealed a small hole in the ductwork (who knew?) and some caulking necessary around a tub - both NEED to be completed by a licensed professional - had to laugh a bit, since I was not aware I could not caulk a tub without a license! :amuse:

Now it is in the hands of WF - ironically the buyer has obtained a preapproved mortgage from WF - so let's see how this works out!

The best news - daughter starts new school soon, we get the keys to a great rental today and don't look back!
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Lol I agree, caulking a tub needs a licensed professional? Just another way to complicate the process and take a little more $$ out of your pocket.

That's great news you have a rental lined up and hopefully the process goes smoothly from here on out! I love your positive attitude and I hope you have an excellent weekend Lori!
 

Josie!

LoanSafe Member
Jan 26, 2014
54
3
8
That's great! Did the buyer pay for the inspection before the bank approved the SS? I haven't gotten that far yet, PNC keeps closing my file claiming missing paperwork, so the offer from September 25th still hasn't been accepted or declined...
 

lorifrank

LoanSafe Member
Apr 17, 2013
48
1
8
So sorry to hear of your delay Josie - yes the buyer paid for the home inspection and all of our paperwork is in the system with WF -

No word from WF - but I suspect this will take some time.
 

Josie!

LoanSafe Member
Jan 26, 2014
54
3
8
It sounds like everything is right on track for you! I am happy for you and hope the rest of the process goes smoothly. I am ready to get this behind me, as I am sure you are. :)
 

lorifrank

LoanSafe Member
Apr 17, 2013
48
1
8
It will Josie - this board and this forumn have been there for me through some pretty bleak moments - your story will have a great ending as well.
 

lorifrank

LoanSafe Member
Apr 17, 2013
48
1
8
Just adding an update - the entire SS file has been in our attorney's hands since early February - her paralegal has sent weekly updates - evidently they are experiencing the same lack of attention with WF as I did - they are now 3 levels up from the original negotiator. Our home preservation specialist dragged her feet for a week getting the paperwork out from Loan Mod to SS.

I had to call that lovely home preservation specialist and give my verbal consent for her to even consider talking to my attorney (this was after 4 rounds of we don't have the paperwork, blah, blah, blah). She said - I fought so hard for your loan modification - I'm mad that you are considering a SS - to which I replied - I'm glad this is being recorded. I told her I did not want to begin a 40 year mortgage note on a house that was underwater and I had already paid out $550k. She told me I should have never bought it in the first place. RUDE.

So I each week, I enjoy our lovely rental home, my daughter is happy in her new school - and frankly I have no desire to return to the home - ever.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Thanks for the update Lori!

I'm glad things are going well and your attorney has been very diligent when it comes to the weekly updates. WF has and likely will always be one of the more difficult servicers to work with when it comes to a modification and any loss mitigation option.

Great job sticking it to your "lovely" home preservation specialist, she has no right to say you should've never bought the property to begin with. I bet my bottom dollar she's never owned property herself and has no clue what it feels like to struggle to maintain mortgage in today's economy..
 

Josie!

LoanSafe Member
Jan 26, 2014
54
3
8
Hopefully things move along quickly. I am glad you are happy in the new place and your daughter loves school!
 

lorifrank

LoanSafe Member
Apr 17, 2013
48
1
8
I wonder how WF stays in business - after 4 weeks and 2 assignments of "processors", negotiators, etc - we are now asked to submit all our documents again - thank goodness I am a packrat - and make copies of everything - so reproducing everything is more a pain than anything else.

Seriously - my attorney is baffled - she had to stalk them to get a processor assigned to the file - and then they lose it completely?!?

So we wait some more - I now understand how people are tempted to bail on the short sale process and just walk into one of the lavish branches (I walk by several daily in Chicago) and HAND OVER THEIR key and a piece of their mind. Wow. How do they stay in business?