Possible Short Sale Advice

[Joel Fraser]

I've recently run into trouble with my condo and am hoping you can point me in the right direction. The short story is my girlfriend and I purchased a condo in downtown Los Angeles almost a year ago with a 3% down 10 yr io, 30 yr fixed. Just recently we have decided to separate and I have lost my job. Even if I were able to find another job, I don’t think I would be able to keep payments up by myself. I believe I may be able to move to a cheaper rental and rent this place out with a $600 monthly loss against my mortgage, tax, and hoa. This seems quite painful, especially without a job, so I have been scouring the web to find all of my options. It looks like I can either go for a short sale, dil, or foreclosure. The short sale looks the best for my credit, but I’ve read that they can be difficult to execute. Do you know if people ever put together a short sale package and execute the deal on their own or do most always hire a realtor or attorney? Do you know of any realtors in the area that specialize in short sales? I’d rather go with a referral than a random person from the internet. Also, is there any way I can do a quick quit claim to get my girlfriend’s name off of the condo and loan so that this doesn’t affect her credit? Last thing, I have enough savings to maybe pay for 2 more months on my mortgage, but after talking with the bank (BOA), it seems like they didn’t really care to do anything until I was late on payments. Should I start to miss payments to get their attention, especially if it looks like I will not be able to hold the place anyway? Thank you for any advice you can offer.

[ashleycameron]

Hi Joel, If you want more cheaper rent then you should move to near to Texas. Then i thing your problem will be over....

[lauren14]

short sales are pretty difficult for the homeowner to do. yes it is possible for the homeowner to execute the short sale, but you will probably need a professional do help get it approved. dont go with an attorney because they charge hourly, for the amount of hours the attorney would probably have to put into it, it would cost you to much. go with someone like me (or me for that case I'll do it), an investor that hires attorneys and Realtors. I, or someone like me wont charge the homeowner anything. meaning no money will come out of your pocket. i'll reduce your loan enough that the different covers everyones fee. let me know what you think.