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#447243 - 08/18/15 01:50 AM hafa experts, please, short sale, deed in lieu, please read, thanks
Floridatimes Offline
Junior Member

Registered: 08/18/15
Posts: 1
Loc: Florida
Hello all I just wanted to get your expert opinions. My situation is that I was served with the lis pendins for my home at the end of March of this year. I submitted an answer and requested mediation with my lender. This past week we had our mediation in which I was sent a package for the making homes affordable hafa program. I included the property in a bankruptcy last year so I have no worries with any deficiency judgments however. I'm interested in short selling the home or doing a deed in Leiu of foreclosure and receiving a Cash relocation, from what I'm being told is currently at up to $10,000.


My goal would be to stay in the property as long as i can and receive the relocation since i am not income strong at the moment. I am preferring DIL as a first option because this is already in litigation and im not sure how long till the judge files the hearing and what are my chances at that hearing.

I plan on submitting the package very soon but my question is the following:

I am a real estate agent. shall I list the property while submitting the package and noting it as 'listed for sale' to improve my chances of getting a short sale process approved, or should I not list it for sale and wait and see what kind of response I get once they process the application.

I assume they would provide me with values and terms....

Question 2:

If I'm interested in the deed in Lieu path, do I have to go through the short sale first? Would DIL or SS be wiser considering my goal listed above (staying longer plus relocation)Thanks very very much for your advice in advance!

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#447246 - 08/18/15 07:25 AM Re: hafa experts, please, short sale, deed in lieu, please read, thanks [Re: Floridatimes]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7624
Loc: Vermont's North-East Kingdom
It sounds like you're just trying to dump the property.

Was it that bad an investment . . . . are you that far underwater ?

But you still want to live in it until they pay you to get out.

From afar, it it appears that you're gaming the system; and I wouldn't convey that you're a Licensee. That cannot help.

Just my 2
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#448749 - 11/09/15 11:23 AM Re: hafa experts, please, short sale, deed in lieu, please read, thanks [Re: Floridatimes]
John_Myers Offline
Member

Registered: 08/09/12
Posts: 43
Loc: NM, USA
Most lenders will not allow you to short sale your own property. You will most likely need to have some other agent list your property.

Most lenders require you to attempt a short sale before they will accept a deed in lieu. I think they require the home to be listed in the MLS for 60 days.

The most I have seen for a relocation package is $3000.

Good luck
_________________________
Myers & Myers Real Estate






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