Where Do I Go From Here?
I just received my first call from one of my newspaper ads inquiring about the possibility of a short sale. About 3 years ago her son had major surgery and was forced into BK chapter 7. She is currently 24 months in arrears she currently owes 78k with the house being worth about 73k. I find that price to be rather high because every room in the house needs updates flooring, walls & windows in the near future. Furnace, hot water heater, siding & roof all recently repaired. She also claims there is no lead paint but I'm not convinced of that. House was on the market for one year before being sold.(not sure why it took so long to sell) In Dec. of 03' she contacted her mortgage company to try and resolve her situatuion. Her mortgage company told her to do a partial claim & pay $4k fill out some kind of HUD form and HUD would pay for the other half and then the new payments would start. (I don't understand anything about partial claims) She paid her $4k and then hired the firm National Financial Solutions (NFS) to take care of her problem for her for the tune of $1,200! Well, to make a long story short NFS missed it's oppertunity for HUD to pay the other half said "it was an unfortinate oversite"! Now the mortgage company wants her to pay off the remaining balance of what she is behind approximently $8k. Four months ago NFS suggested doing a short sale with the property gathered hardship letter, pay stubs, bank statements and W-2 and was not heard from them since. She also claims she never signed a mortgage release form. My question is do I or my client contact NFS and try to get back the shortsale information or since I have a signed mortgage release form should i fax that to the mortgage company in case they have not even contacted the mortgaqe company about the short sale? Is my next step to contact the mortgage company and find out what NFS has started if anything? Or NFS or who? My client is willing to sign the warrenty deed, power of attorney & to quit claim the property to me. If I quit claim the property can I relinqwish NFS of all contact with the short sale & the mortgage company? (if it has not contacted the mortgage company?)Lets just say NFS has contacted the mortgage company and has done nothing with it. (because of no signed authorization release. Are they required to have one? ) by quit claiming the property will the mortgage comapny allow me to short sale the property instead of NFS? Thanks Kevin
read the contract / engagement letter w/ NFS.
You can buy a lead pait test kit for ~$5 at home improvement stores.
and here you can take a sample of some thing and for 25 bucks have it test for asbestos, similarly for mold.
w/o some discount discount, it seems tight.
Is it a hud home? Do they have special SS rules ala FHA?