I didn’t realize that having a foreclosure could affect your employment!
It can, according to this comparison of the consequences between having a foreclosure versus a short sale on your record.
Arizona Short Sale Specialist Realtor
Let me know if you’re looking for a Realtor who specializes in representing sellers doing short sales. If you want to sell your Arizona home as a short sale because you owe more on it than it’s worth, then you absolutely, positively want a short sale expert as your Realtor. I’m not an expert on listing short sales but I can refer you to a Realtor who is.
If you are looking to buy a short sale home, however, then I would like to help you.
My contact information is in the right-hand column near the top.
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{ 3 comments… read them below or add one }
Derek Overbey 07.02.09 at 11:39 am
Hi John,
Thanks for the post. I just wrote a post (http://bit.ly/17m8a3) on Short Sales two days ago and wanted to make sure you were informed. Bank of America recently changed the wording on their short sale agreement and can now go after sellers for the difference between what is owed on the mortgage and what the home sells for through the short sale. Most people, myself included, thought the bank absorbed that difference but that is not the case with BofA now. Just thought you might like to know.
Derek
MPS 07.02.09 at 2:57 pm
Ha ha, That does not suprise me about BofA. They absorbed all of those countrywide ninja loans and then took the government hand out while they were dolling out huge bonuses to their execs (and Meril Lynch execs too). I closed all my accounts with them and now bank with Desert Schools, who actually pays interest instead of nailing me with nonsense fees. I’d like to see their execs in jail.
John Wake 07.02.09 at 3:11 pm
Interesting point. I wonder if, after home prices bottom out, banks will start playing more hardball with short sales.
Currently with falling prices, it’s in the lenders best interest to cooperate and get the property sold before its value falls further (that is, if the lender thinks it might have to foreclose on the property later when it’s worth less).
Once home prices bottom out, does that change the ballgame?
Without falling prices there it less downside for lenders when they go into bureaucracy mode and draw out the process. Or perhaps, like BofA, they just decide to play hardball with sellers.
Nah, I don’t think banks are that smart.