Help With Short Sale, What Should I Do Next?
I submitted a short sale package on a house with a lst mortgage of $49k & a 2nd mortgage of $27k. The house needs a lot of work including some mold and termites issues of about $40k, it's in declining area of town, its the largest house in the neighborhood 1900 sq feet. the rest of homes are around 950 to 1100sq feet. The county records show a value of $94k ( I don't know how they came up with the amount) In the area the home is in it would never sell for that amount even if it was in top shape. I submitted the short sale package about 2 weeks ago, for $27K I have called and called, she will not return my calls. Today I find out the sheriff sale date is set for 12-30-04. With an appraised value of $75K. Bidding starts out at two thirds of the appraised value. She is only loss mit rep for this mortgage company. What should I do next?
I don't know what you included in your proposal to the Loss Mit Rep, but did it include comps, repair estimates, and such.
If it did, I would keep trying to call every couple of days. Some banks have to learn the hard way though and go through with the foreclosure just to find out six months down the road they should have taken your offer.
Keep in touch with them while moving on to the next deal. That may be too big of a hit for her to work on it too diligently.