Expert: Dick Dennis - 5/10/2009

Question
QUESTION: My daughter purchased a home four years ago in Southern Nevada.  Her credit score is 785. She has a 30 year fixed rate loan and made a responsible purchase.
This is the situation:
She purchased a home as a single mother of two for $250,000 and added a pool for another $28,000, which she thought would increase the value of her home.  She has since found a man with two children and they would like to get married but her home is only 1100 sq ft. Far to small for a family of 6.
She contacted a realtor and has learned that the value of her home is only $112,000, more than 50% less than 4 years ago.  Needless to say she owes far more than the value of her home.
I can find all kinds of help for individuals not able to make their house payments but what about those who have upside down loans and want to continue their lives.
Any advise you can give us would be greatly appreciated.  She has worked very hard, as a school teacher, to maintain her credit and now it appears she doesn't have many options.
Thank you, mom

ANSWER: Unfortunately, Gayle, your daughter bought her house at the wrong time. No need to tell you what you already know, but what you should do is to contact a Realtor who has experience as a CDPE (Certified Distressed Property Expert). I am sure that person will be able to sell your daughter's house with a short sale. A short sale is when the lender is willing to accept less than what they are entitled to have in the sale of a home. The CDPE Realtor will know exactly what must be done to help your daughter. When that is taken care of, then she can continue on with her life and the rest of her anticipated family. I perhaps can find you a CDPE Realtor and then your daughter can contact that person. I do wish you well.

Dick Dennis, CDPE Realtor
dick@dickdennis.com

---------- FOLLOW-UP ----------

QUESTION: Thank you so much.  That is the way we were thinking also.
I would appreciate the name of a CDPE Realtor in the Henderson, NV area.
thank you again,
mom

ANSWER: If you will send me your email or phone number, Gayle, I will be glad to comply. Meanwhile, I will find that person for you.

Dick Dennis
dixiedee13@aol.com

---------- FOLLOW-UP ----------

QUESTION: My phone # is (208)762-2358
My e-mail is  

Answer
His name is Bill Jenkins, Gayle. He and his wife are both CDPEs. They are very knowledgeable in helping your daughter. He is located in Henderson with Keller Williams real estate office. Please let me know how he is helping you. I wish you well.

Dick Dennis
dixiedee13@aol.com