How to do a Short Sale?

SkyHigh71 · **Posted:** Mon Jan 07, 2013 3:27 pm

I searched for this on the forum and couldn't find any recent topics.
Can anyone point me in the right direction of whom to contact to start the short sale process for my house?
I just got notified of an assignment. I can't refi my Calvet loan and can't rent it for what my monthly payment is.
Help.
Thanks,

Chris

sbct · **Joined:** Wed Nov 21, 2007 8:58 am **Posts:** 131

Call CalVet as well as a Realtor®

Sent from my Galaxy Nexus using Tapatalk 2

blackedoutharley · **Posted:** Mon Jan 07, 2013 11:44 pm

Rent it for less and take the tax credit

AuntieJen · **Posted:** Tue Jan 08, 2013 5:46 am

In the veterans thread there is a retired vet looking to move to PL in Feb. May be an option.

SkyHigh71 · **Posted:** Tue Jan 08, 2013 6:52 pm

I can't rent it for nearly what my mortgage payment is. I'll be getting money towards housing after I PCS but will need it for that area is a high cost of living. I've gotten some PM's from some realtors and will be contacting them tomorrow.
Thanks for the inputs.

AuntieJen · **Posted:** Tue Jan 08, 2013 8:01 pm

Good luck

ssvmom13 · **Posted:** Wed Jan 09, 2013 12:41 pm

Please call me for more information on Short Sales: 916.281.4765

Thank you,
Stephanie McLaughlin

TownCryer · **Joined:** Sun Aug 07, 2011 7:27 am **Posts:** 125

Perhaps talking to someone that is NOT interested in making money off you (realtor, etc) and someone like a tax accountant, financial advisor or lawyer regarding your options. If you put this home into short sale, it will RUIN your credit, unless that is not a concern for you.

A short sale can take time. If you have been making your payments up until today, it may not be an option for you. First, you have to show your lender that you are unable to make payments. This might mean not making them for 3-4 months or longer. Just stopping and then asking for a short sale may not work. They might be able to prove that you CAN afford it.

I'm just saying to look at ALL your options, BEFORE turning it over to the wolves. It might mean providing more financial security for you and your family, all of whom will have to endure this process financially...and emotionally. Even your children, no matter how young. Everyone is affected.

I wish you much luck as losing a home is not easy. But think of it as any investment. Get out if its ruining your financial worth, but not so hastily that you drop like a brick. There are ways to minimize the impact.

Good luck and thanks for your service to America.

ssvmom13 · **Posted:** Wed Jan 09, 2013 8:08 pm

"Wolves"? Wow. I was just going to discuss his options. I, by no means, would ever do anything but what's in his (or anyones) best interest. I'm not in it for the money, it's what I love doing, which is why I only work with a couple people at a time.

I would start by talking to your lender. It's them that would need to approve a short sale. They're not going to be happy about it, but they'd rather that than to foreclose.

Either short-sale or foreclosure, it will affect your credit, and either is not a speedy transaction, although it's usually MUCH quicker than it used to be.

AuntieJen · **Posted:** Thu Jan 10, 2013 6:15 am

They don't always prefer short sale to foreclosure.

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