Realtor for distressed homeowner?

[Anonymous]

Hello,

I wondered if anyone knows a Realtor who will help us sell our home.... problem is we owe about what it is worth. We are hoping to sell or rent it in the next month, if not, we are looking at foreclosure.

I don't expect them to work for free... I will do any of the work they wish to delegate to me myself. Just wondered if anyone knows of a good realtor who is willing to take a lower commission during this housing disaster. We are in debt up to our eyeballs and can't bring a check to closing

Please let me know if you have any suggestions, thank you!

[cassiea]

First of all, call your lender. There are so many other options right now to lower your payments by the lender forgiving some debt or by stretching out the time payment, lowering your rate or many other things. Don't think that all is lost. A foreclosure is an awful thing to go through, but, as a realtor, I know that you have a lot of other options before you have to go that way (and ruin your credit, lose your home etc.). It won't be easy, but start doing some research. It's not hopeless, but you may be able to save your home. Good luck. For instance, see http://www.fhfa.gov/webfiles/267/SMPimplementation121808.pdf

[Anonymous]

I know a realtor that is an expert in foreclosures and short sales. They can even help you get your loan modified. This realtor is not a standard realtor, but only does these types of transactions and helps people navigate the extremely complicated waters. You can email her transaction coordinator to get in touch with the actual agent. If a loan modification is for you, then you might even be able to skip the whole process of losing your home if is the route you want to take. They have a guy in the office that spends all day on the phone with the banks negotiating. They know the players and know how to get things done. I can speak on this topic because they helped me. PLEASE call if you are in Virginia. Many people just give up and wait for the banks to come and put a notice on their door, it does not have to be that way. Good luck and I really feel for you.

They only do Virginia.

[e-mail]

[Anonymous]

Anonymous wrote:I know a realtor that is an expert in foreclosures and short sales. They can even help you get your loan modified. This realtor is not a standard realtor, but only does these types of transactions and helps people navigate the extremely complicated waters. You can email her transaction coordinator to get in touch with the actual agent. If a loan modification is for you, then you might even be able to skip the whole process of losing your home if is the route you want to take. They have a guy in the office that spends all day on the phone with the banks negotiating. They know the players and know how to get things done. I can speak on this topic because they helped me. PLEASE call if you are in Virginia. Many people just give up and wait for the banks to come and put a notice on their door, it does not have to be that way. Good luck and I really feel for you.

They only do Virginia.

[e-mail]

sounds fishy to me.

[Anonymous]

cassiea wrote:First of all, call your lender. There are so many other options right now to lower your payments by the lender forgiving some debt or by stretching out the time payment, lowering your rate or many other things. Don't think that all is lost. A foreclosure is an awful thing to go through, but, as a realtor, I know that you have a lot of other options before you have to go that way (and ruin your credit, lose your home etc.). It won't be easy, but start doing some research. It's not hopeless, but you may be able to save your home. Good luck. For instance, see http://www.fhfa.gov/webfiles/267/SMPimplementation121808.pdf

Thanks Cassiea. I have called Wells Fargo and they won't do anything for us. We have to go delinquent on payments before we get any help. I really have not wanted to go delinquent, so we have been robbing Peter to pay Paul (WF) - using credit cards, giving up daycare, charging food.... It seems horrible to be forced to become delinquent on your mortgage in order to get help But I guess as a last resort I can stop paying my mortgage and pay my OTHER bills instead. Maybe then WF or another mortgage institution will help me....

[Anonymous]

Anonymous wrote:

Anonymous wrote:I know a realtor that is an expert in foreclosures and short sales. They can even help you get your loan modified. This realtor is not a standard realtor, but only does these types of transactions and helps people navigate the extremely complicated waters. You can email her transaction coordinator to get in touch with the actual agent. If a loan modification is for you, then you might even be able to skip the whole process of losing your home if is the route you want to take. They have a guy in the office that spends all day on the phone with the banks negotiating. They know the players and know how to get things done. I can speak on this topic because they helped me. PLEASE call if you are in Virginia. Many people just give up and wait for the banks to come and put a notice on their door, it does not have to be that way. Good luck and I really feel for you.

They only do Virginia.

[e-mail]

sounds fishy to me.

Why? They used to be Weichert agents and then branched out to their own brokerage. Weichert et all has a model that does not support the new market. They still think cheesy brochures and open houses sell homes.

[Anonymous]

OP here, I contacted them and they seem legit. I am completing paperwork for them now that all looks above board. Hope to meet with them today.

To the poster who recommended them, they would like to know who you are to thank you for the referall. Perhaps you might want to email them and let them know it was you.

Thank you!

[Anonymous]

Realtors? This is the problem with loan mods industry. Since when do realtors know how to compute DTI or submitting packages according to Lenders guidelines?

I hope this worked out for you because most people that go to realtors or Lawyers are very unlucky. Lawyers need to count on more then just a well writen threatning letter; variables involved are DTI's and accumulated DTI's and the variables that lenders will consider for these ratios.

You want a Loan Mod done right? Go see someone in the mortgage industry that is concentrating with Loan Mods. All the bad rep in this industry is made up of Realtors and lawyers. Realtors... HA!

[Anonymous]

OP: I hope that the contact you received works for you! Please report back if you can. We are not quite in your boat but we are not far and I'd be curious to know what the company does. I also called our mortgage company (Suntrust) and got the same answer. Best of luck!!

[Anonymous]

Can you get someone to co-sign, a parent for example, so you can refinance?

[Anonymous]

I don't think a co-signer is the problem, PP. I think the OP cannot refinance because the appraised value of the house doesn't give her any room to do so and she can't keep up with her current mortgage payments.

[Anonymous]

Anonymous wrote:I don't think a co-signer is the problem, PP. I think the OP cannot refinance because the appraised value of the house doesn't give her any room to do so and she can't keep up with her current mortgage payments.

But if a parent (or someone else) who has a lot of equity in their own house cosigns for the OP, then doesn't the bank basically use the co-signer's house as a way to guarantee the new loan (instead of the equity in OP's house)? That way OP could refinance at a lower rate and at least make the monthly mortgage payments.

[Anonymous]

My husband is a realtor who is well versed in this issue. He can explain your options and may be able help you. Feel free to call him, 202-207-6442. He has a website, too. www.scottgunn.com

Good luck.