All Forum Posts by: J G

Thanks for all your feedback and advice. I really appreciate your time.

In your last reply, you mentioned that if I can bring some cash to the closing table and hire a strong negotiator, it is possible to settle without a deficiency judgment.

I know you operate in Arizona, but was wondering if you had any connections to any negotiators you trust in Florida (around Tampa?) that you could point me in the direction of?

Thanks again.

Thanks for your feedback and advice.

Regarding the promissory note, am I right to assume that would probably serve as a trade-off for the bank not coming after me for the rest of the deficiency?

Hi Jon,

I've spoken with a realtor who works with short sales and also that attorney (through a free consultation). They are unaffiliated parties at this point - and both said it's possible (I suppose anything is "possible" though).

It was my primary residence outside of Tampa, FL, a few years ago in 2005. I moved for a job across the country shortly after the purchase, and it coincided with the beginning of this awesome market where I wasn't able to sell it at the time.

I come out of pocket a large amount each month because the rent never covers the costs... and it's getting hard to keep floating myself along. First tenant busted up the place a bit and I had to bring it back up to good condition. The current tenant is moving out next month - which will accelerate my disappearing money.

Asset-wise, I have a small amount in 401k, my car, and a little bit of savings.

It's a Countrywide (BofA) loan. No seconds or anything else.

I would love to hear your thoughts; it's all a bit overwhelming. This has all been quite an education. Thanks for your help and time.

Hi Scott,

Thanks for your reply! It got me thinking and I re-read the retainer agreement again with your comments in mind. I've copied the "Services" and "Retainer" section below.

I think it comes down to that I don't really understand what their definition of "negotiate the terms of the short sale..." is... considering they say "Postclosing deficiency negotiations requires payment of additional fees..."

Do you have any thoughts on what they are truly offering? (like just sending in a package of my documents?)

I will ask them too, but any other interpretations would be very appreciated. I never been in this situation before so I might not know the right questions to ask.

Thanks for your time, JD

***
Services. In connection with the Firm’s representation of you, we will provide the following services: (a) negotiate the terms of the short sale with the lender (Please note that the Firm cannot guarantee the success of short sale negotiations. The acceptance of the terms of the short and subsequent release of liability is at the sole discretion of your lender. Also, please note that if the lender declines the terms of the short sale that the lender may pursue a foreclosure action against you and the foreclosure will not stop and will proceed with a sale date ultimately being entered and the property being sold at public auction if some action is not taken by you to resolve the delinquency with your lender); and (b) providing all title work for the closing. Postclosing deficiency negotiations requires payment of additional fees and is not covered under the scope of the short sale flat-fee.

Retainer. It is the Firm’s practice to require a retainer when we undertake a new representation; a flat fee deposit in the amount of [FEE///$500.00] will be required for the Firm’s representation in this matter. This fee represents the Firms’ fee to negotiate the terms of the short sale; accordingly our fees cover all of the above services. Our representation does not include any additional services not listed in this letter. Representation of any foreclosure action is not included under the terms of this retainer agreement. We will not bill you any attorney fees without your further express written consent.
***

Hi there,
I have a property that is rented out (because I wasn't able to sell before) and am looking to start the short sale process. I was wondering if any one had any advice regarding my situation.

The main question is based on whether or not I should hire an attorney for $500 flat fee to work / negotiate my short sale... or save the money and work with my realtor who has experience with short sales.

Is there value in having an attorney involved? Does it get me a better chance at successfully navigating and expediting the process?

(Some more details: I am current on the mortgage but only because the tenant offsets some of my loss. The tenant is moving out so time is very important. I know that being current does not provide the best leverage.)

Thanks for your time and help,
JD