My wife and I had
three kids and we
bought a 4 BR home.
I worked on the
assembly line at a
Gateway Computer Plant.
I had perfect credit and never late on my
mortgage payments.
One day they informed us that the entire plant
would be close down.
I knew there was no other job in this area that
would pay what I was making. I knew I to sell the house.
I promised not to wait until the last minute. So about
two months after the closing announcement we went ahead and put the
home for sale on the market.
Six months later the house had not sold, after
lowering the asking price.
The last day at the plant finally came and my
home still had not sold!
I was able to get a job working as a stocker at
Wal-Mart. The pay was almost half of Gateway.
One of my old co-workers from Gateway who was
in a similar situation emailed me the link to this website.
I purchase the Foreclosure Alternatives Guide
and
I downloaded it.
I really paid attention to the Short Sale
section. It
was nearly unbelievable to think a mortgage company would ever
accept anything less then the full payoff balance.
I remembered that my wife and I had previously
turned down
two offers
because they were less
our asking price.
I called my realtor to see if she could find
out if those buyers were still looking.
She called their real estate agent. One had not
yet found a home... and was still interested in ours.
So we had them
re-submit their offer.
My realtor had never done a short sale before.
(explains why she never told us about it.)
But other agents in her office had. So I
actually emailed this Foreclosure Assistance guide to her. She read
it and learned the basic steps.
Then with a little help from her office she
contacted the mortgage company and found out everything we needed to
do in ordered for a Short Sale to be considered.
I submitted every piece of paperwork the
mortgage required. I was able to show them exactly what my
circumstances were. I think it helped that they already knew about the
Gateway closing.
It took nearly two months but the mortgage
company accepted the buyer's offer which was about $19,000 less than
what I owed.
With help from my family I was able to make the
mortgage payments until closing. So I was never missed a payment at
all.
The buyers even allowed us to stay in the home
for a couple of weeks after the closing so we could comfortably move
into our new rental house.
I pulled my credit report about 60 days after
closing and my mortgage is listed as a "settlement" the report
I know this is not as good as having "payment in full" but it is a
thousands times better than having "foreclosure"
I got out of a bad situation that was only
going to get worse. I was able to save my credit.
I owe it all to reading this Foreclosure
Alternatives eBook Guide
Mike & Cynthia J.
Newport News, VA
ForeclosureAlternatives
A
short sale is when the bank, mortgage company, lender, finance
company, etc... agrees to discount the loan balance due to a
financial hardship on the part of the homeowner. You actually put
the house up for sale. A buyer makes a purchase offer that you,
and the mortgage company, know is less than the outstanding
balance of the loan. 
