Short sale? What professional advice do I need?
July 9, 2011 5:46 PM Subscribe
How do I evaluate the impacts of a short sale to determine if it is right for me? I would like professional advice from someone with an ethical if not fiduciary duty to me, be it a nonprofit consumer counseling agency, financial planner, or an attorney (what kind?).
posted by anonymous to Work & Money (3 answers total) 3 users marked this as a favorite
I'm hoping to find someone up to date on the regulations, familiar with Bank of America and how hard the process will be, able to tell me if I qualify for HAFA or other federal programs, and able to evaluate the documents I signed to get the loan.
I want to know what the final settlement might look like, how long it might take, what its success would depend upon, what the credit hit would be, what the impact on future mortgage options would be, and how I should manage my money in the meantime. In an ideal world, they could help me comparing the SS to the feasibility and financial and legal risk of one or two other scenarios. But the most important thing is SS (and mayhe foreclosure) expertise because I've gotten advice on the other paths already.
I'm willing to pay for good counsel, but only if it's truly worth it. I'm extraordinarily broke, except for a tiny emergency fund, but getting out of this situation in the sanest way possible is the kind of thing the emergency fund is for. I'd like to not spend much and make sure that what I get is worth it.
I have discovered that many realtors claim to specialize in short sales and offer this information but are not disinterested. (They would like to make money via the sale whether or not it has a bad credit impact on me. They seem to be downplaying risks.) I certainly do not trust the bank to protect my interests. I do already have an attorney who is good at contracts, so if only one or two of these questions require legal help, I could get that from him.
I need advice specific to my situation but would also be interested in general educational materials. Are there helpful books, articles, or websites on this topic? Most of what I have been able to find is from content farms or realtor ads.
I am in California -- the San Francisco Bay Area.