AboutConnie Wildasinn Expertise Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate, What to Look for, How to tell if the time is right. Why not to listen to your friends. Understand why any market is a good market and how to spot a good investment for you.
Experience 4th generation realtor in the real estate business, I have over a decade of helping clients buy and sell, I am the owner of a local brokerage in the Los Angeles/Long Beach area, and have been a top producing agent in the area since I became licensed.
Organizations NAR, CAR, WCR, BKBIA, CHNA
Publications Broker Agent Magazine
Education/Credentials Broker-owner
Awards and Honors 3 years running top female selling agent in Long Beach, Top Producer 5 years straight Re/Max, C21, Realtyworld.
Question We now find it necessary to sell our house and find a much cheaper apartment.We have a 1st and 2nd mortgage.How do we go about requesting these mortgage companys allow us a short sale? What can we expect? We owe 146k and our house appraised for 155k 2 years ago. thank you,Dave
Answer You will need to contact your current mortgage holder on both your 1st and 2nd loan, you will need to prove hardship. Keep in mind the lender does not have to do anything, but they must speak with you and try to do a ‘loan modification’ before you go short sale or foreclosure. You will need to be tenacious with your contacts, keep copious notes of who, when, time spoke to, what the conversation was etc. keep in mind that the person you speak with today could be fired or quite by tomorrow….but the law now states that the banks must make attempts to work with you, especially if you are in a notice of default status (you have not made your payments) You should expect this to take considerable time and effort, but is well worth the try since you may have the ability to walk away from the capitol gains tax, as always check with your tax man and CPA.
Also - your property needs to be evaluated again, two years ago is a life in this financial world we live in today... monthly can make a difference! Speak with a local realtor and have them get you some realistic numbers ... the bank will want to know what you think the home can sell for also before they can figure out their numbers and how to work with you...
Many times you can have a local realtor work with you on a 'short sale' package... so pick a good listing agent who really understands your local market, and has a good record of sales....
