Long story short, my first home was a huge mistake, I was laid off just prior to my first payment being due, and I would like to get out of the house. It's a USDA loan, it's been transferred from BOA to Carrington Mortgage, and it's in the foreclosure process.
I've worked with 2 attorneys who failed to handle this. I've found a 3rd who says he can surely handle this, his fee is $3000. My fear is that hiring him will not result in success, I will have paid him, and the foreclosure will only be avoided for a little longer.
I understand the guidelines are strict for USDA shortsale. The property is in Florida.
Thanks everyone.
Starting Score: 524
By handle, I mean help me to execute a short sale or deed in lieu. I hope to avoid foreclosure, and moving back in to the house would be a very last resort due to other circumstances. From my research elsewhere, the $3k in attorney fees is high, but attorney fees are expected.
Thanks
I am not sure why you're confused. The house is in the foreclosuer process, so the over due amount on the property in well over $3000. The first attorney failed due to some substance abused issues, the second attorney was handed my case from the first in an attempt to male things right. From the beginning I was advised to stop making payments since I was unemployed. I went back to school, graduated, married and now am employeed, but this house is nearly 3 years in default. It's transferred mortgage service companies.
I am looking for advice pertaining to USDA foreclosures.
@ezdriver wrote:
@hd_apk wrote:By handle, I mean help me to execute a short sale or deed in lieu. I hope to avoid foreclosure, and moving back in to the house would be a very last resort due to other circumstances. From my research elsewhere, the $3k in attorney fees is high, but attorney fees are expected.
Thanks
OK... good to know.
Do you have equity in the house or will at lease break even after sale-related fees? If yes, you do not need a short sale. If no, then you need to do a shrt sale. You do not need an attorney to suck $3,000 from you for a short sale. All that you need is a Realtor experienced with having successfully done short sales. I recommend that you seek out such as Realtor promptly and have a discussion to establish the feasibility of a short sale.
While a short sale will require the lender's approval, it is the fastest way to get your name off the deed. A foreclosure can keep yu on the hook for years.
Thanks,
I have no equity in the home and it is underwater, although not too terribly under water. The issue I face is with it being a USDA mortgage and the fact that it is so deliquent.
@StartingOver10 wrote:esearch elsewhere, the $3k in attorney fees is high, but attorney fees are expected.I have no equity in the home and it is underwater, although not too terribly under water. The issue I face is with it being a USDA mortgage and the fact that it is so deliquent.
^^^And the fact that you had a first payment default. That is an issue.
EZ is right though. Find a Realtor that specializes in short sales. Not just any Realtor, one that does short sales. They usually have legitimate attorney's they work with that specialize in short sale offerings so you end up with a team of professionals for help without paying an upfront fee. The lender will pay the Realtor fees and sometimes pay the short sale fee of the attorney (this is a negotiable item).
It would be far better for you to have a short sale than a first payment default foreclosure on your record IMO. If I were you, I would run from that attorney you found that wants an upfront fee of $3k.
Sorry, I was a little unclear, I didn't have a first payment default, I bought the house in 09, made payments through 2012. The bit about being laid off was just to explain that the career I was in basically went away across the state and I was forced to make a change.