He bought the house together with her ex-wife several years ago. They are separating and his ex is moving out of the house and can’t afford rent and help with the mortgage payment. It was very sad to hear about his current situation. Now he is confused on what to do with the house.
He tried to refinance and has tried to work with their lender to do a loan modification but the bank denied him a loan modification due to his high debt to income ratio. He couldn’t get refinanced because the house value had gone down more than the loan amount. He automatically thought foreclosure was his only option at this time.
We explained short sales versus foreclosures and their advantages and disadvantages to both of credit ratings. They both realized that there are options other than foreclosure and that a successful short sale will avoid foreclosure on their credit history.
The good news is that her ex-wife is cooperating with the short sale and is ready to sign the documents which are required for the short sale. We have sent all the required documents to the ex-wife so that we can start working on the short sale. At least, after a successful short sale, they can both move forward with their lives without worrying about their mortgage payment and a foreclosure on their credit reports.
Do you know someone in a similar situation that cannot afford the house payment any longer and does not qualify for a loan modification?
How Cindy Bought Her Own Home After a Divorce and a Short Salehttp://www.youtube.com/
Thanks for reading, Rick Giese.
Rick Giese is a real estate associate broker at RE/MAX Advisors.
Phone Toll Free: 1-800-274-5656. email: Rick@RickGiese.com
Rick Giese specializes in loan modification assistance and short sales in the Macomb , Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County