Expert: Dick Dennis - 2/13/2011

Question
Mr. Dennis,
After making no payments and no progress with US Bank for 8 months, they ok'd a HAMP trial period, saving me $30.00 per month.How can I now transition to a short sale. I'm pretty sure I can find an investor.
Thanks from an AZ homeowner,
Richard Renaud

Answer
You simply find yourself a very knowledgeable Realtor with whom you list your property on a short sale, Richard. Then you advise US Bank that you are selling the property via short sale. If it turns out that they do not approve doing a short sale for you, it will be necessary to advise the bank that you will let the house go into foreclosure. Also advise the Realtor with whom you signed a listing. Just maybe the Realtor might talk the bank into doing the short sale.

You can also do a quit claim "in lieu" to the bank. That is when you sign the property over to the bank in lieu of them not suing you for the balance of the mortgage. Again, they could refuse to accept it. In that case your hands are tied and the bank will take the property through the foreclosure process. I do wish you well.

Dick Dennis
dixiedee13@aol.com