Denied Loan Modification, NOW WHAT? Where can i get help on short sale or other options?

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I own a condo in Washington state. I had to move to Oregon and take a pay cut. I’m currently renting out my condo but at a loss every month of $ 450. I tried to do a loan modification but was denied by EMC mortgage due to it not being my primary residence anymore. I cannot afford to keep the condo and need to get rid of it. I have no idea where to go who to see. My lender cannot help met at all.

  1. Reply
    January 27, 2011 at 5:16 pm

    1. put of a sale sign 2. wait. 3. sell

  2. Reply
    Billy Cunningham
    January 27, 2011 at 5:21 pm

    Just give it back to the bank, 450 a month will eventually drain you.

    I live in oreogn and the condo market is in the TOILET!!!!

  3. Reply
    January 27, 2011 at 6:02 pm

    Hire a Realtor to sell it for you

  4. Reply
    January 27, 2011 at 6:58 pm

    A short sale is probably your best option since the condo is probably worth less than what is owed.

    Contact a few real estate agents in your area and interview them and see which one gives you the best chance at getting a short sale closed. Short sales can be tough to deal with and many shy away from it. Ask the agents questions about the short sale process and how it will benefit you. Short sales require a lot of patience from all parties involved and can easily take several months to get an offer accepted.

    Every agent you contact will probably tell you that they are experts in short sales when the truth is many are not. Not choosing the right agent can cause you more headaches and at the end cause you to lose the home to foreclosure, which is not good. Every short sale is different from each other. Do some research on short sales online and compare it to what the agents tell you.

    Good luck and let me know if you need some info on the short sale process and I’ll send you some info…at least from my experience in dealing with short sales.

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