Fremont Foreclosures
How to get a short sale going ?
I currently own a condo in Fremont, CA and have too many debts to pay the mortgage plus the value in my condo has gone way way down. Would like to look into a short sale but do not know where to begin? What if the condo does not sell? Do I go straight into foreclosure? And I know my credit goes bad for 7-10 years but will they continue to bug me for the money…or garnish my wages or tax refund if the condo has been foreclosed? Anyone know of a good real estate attourney in the Bay Area? PLEASE HELP!
Before you go into a short sale, you need to show to your lender that you NO longer afford the payment Usually the lender won’t approve unless you’re few months behind of your payment. Some people contact the lender first and be able to negotiate a better payment plan. It could be a refi to a fixed term with a lower interest rate. Short sale may take long long time cos’ you don’t have choice on picking the buyer, the bank does. If short sale unsuccessful your condo may be foreclosed due to non-payment, the bank still have right to go after you for the balance of the loan unless you file for bankruptcy. Go get a Realtor that has experience on short sale, he might know some negotiators in your area that can help you. I have a friend who borrowed money from friends and family to sell her townhouse and that way she did not need the lender’s approval.
Pre-Market Fremont Foreclosed Home – See it before it goes on the market
