I read this article on azcentral.com . It had the worst advice.
Read Here: AzCentral Short Sale Bad Advice
This man suggested one should attempt a died in lieu of foreclosure first. If that didn’t work, one should just give up. He suggests maybe, maybe you should talk to a Realtor about a short sale. This is the worst advice. Here is the order of what you should try if you should find yourself near foreclosure.
- Loan Modification
- Short Sale
- Died In Lieu
- Accept Cash for Keys After Your Home Goes To Foreclosure
Thanks for reading!
- Jeff Buettner
Real Estate Wiz Kid
Arizona Short Sale Realtor & Negotiator
I need to stop my Scottsdale foreclosure now!
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I agree that a deed in lieu of foreclosure is a last resort. We used to council our clients to go the loan modification first. Recently in our office, due to some local court cases, we can only suggest that our clients speak to an attorney. Kind of takes the tools out of our hands.
That is weird that somebody would tell people to take a deed in Lieu. Also kind of funny that your typo above says “Died”. Actually that would be even worse!
But the problem is that short sales, especially in Hawaii, take for eternity. We should call them really LONG sales. I’ve had clients in short sales for over 6 months without ever getting an approval from the lender. I hope the Utah tax credit helps your sales, there is nothing like that available here in hawaii.
With banks just wanting to just stop the bleeding and get some of those toxic assets off the books many right now are very willing to do loan modifications but you need to know how to approach them the right way.
I’m not near foreclosure yet–but who knows? I’m glad I found a good advice before the problem came. Thank you very much. I’ll surely share this advice to all my friends and relatives.
Jeff, I would add that if they have the resources from family or whoever, they should try to sell at slightly below market value. Even coming out of pocket would result in a credit boost versus the worst outcome.
It’s no wonder so many people are confused when there are so many sites giving out conflicting info. It’s kind of scary sometimes!
Why would you want to try a Short Sale before a Deed in Lieu? Wouldn’t they have equal negative impact on your credit, but a Deed in Lieu will take a lot less time/effort to complete and you don’t have to worry about a deficiency judgment when you’re through?
Just curious your thoughts on why not try a Deed in Lieu first?
Thanks,
J Scott
http://www.123flip.com
Thats a horrible advice! It surprises me why they would put that in a article probably it was one of their blogs.
Your post is very well crafted and I have learned so much about Countrywide. I