Dateline Asheville, North Carolina, June, 2009
News and Views from Asheville's Greenolina, Real Estate Eco-Steward
As I mentioned in Part I of this series on short sales, after three (3) short sale seminars from various experts, one (1) crowded learning session for REALTORS® by two (2) short sale experts/ real estate attorneys right here in Asheville, and hours (countless, maybe 100) consulting with CPA s, bookkeepers, lenders, support people, and so forth...
I felt compelled to continue my research on the short sale process....
Then, one of our clients came in. . .
I sat down with this client to take a peek at questions the client might want to ask an attorney about short sales and the entire process and the effects on a family's future.
Here is a list of 21 short sale questions that may intrigue you as much as they did me:
- Can you be like as fearsome as a Nordic troll (see photo) helping to find legal remedies to use as leverage with our bank-
- Predatory Lending? Was I given a new interest rate right before the closing? Is it OK for them to make $50K if we get out of the loan early?
- Can they produce the actual NOTE. Do they actually have it?
- Could there be a RESPA Violation?
- Can you get both a loan modification and a short sale packet from my bank?
- Might you be able to make connections at a decision-maker level so that we can move forward efficiently with a short sale if need be?
- Have you see this article from the June 14, 2009 Chicago Tribune Business Section on the troubles around loan modifications?
- Might you be able to get my bank to understand that a workout at the level they suggested ($xxxxx/MO)is better than the one a court might force the bank to accept in a bankruptcy situation.
- Can you get a FULL Pay-Off Letter so that I am not stuck with a 50,000 problem due to the short sale?
- Can you get a signed document by the banks waiving a 1099?
- Can you get a signed document saying I am NOT responsible for paying tax on the debt forgiven?
- Can you get the bank to agree and sign papers that the debt is paid in full by the proceeds from a sale?
- What if I do not want to sell at this time, and I can afford to stay in my home if bank will do loan modification at $xxxxx/MO, as they suggested,
can you intercede with the decision makers (not the bill collectors) at the bank for me?
- Can you show me how to prepare the documents (or can you prepare them) to show that I am in "financial hardship" but am trying to get out of it?
- Can you pinpoint the amount I could take a financial hit on if I decided to sign a promissory note?
- Should I even sign a promissory note?
- Tell me truthfully, can you get a short sale approved in a reasonable period of time?
- What would that "reasonable amount of time" be?
- Will you look out for my interests when it comes to advising whether or not to sign the lender's approval and close?
- Does the doctrine of merger apply in our State, and could that negatively affect me?
- Will you be especially attentive about charge off language that banks and collection agents use charge off in many different ways?
- What do you think of bankruptcy as an option for me?
- Should I request a loan modification on the Second even though I am not behind and stop payments for a month?
- How much do you charge to provide this service?
I know that my client's attorney is going to listen carefully to these questions.
MY question is....How many will that "fearsome Nordic troll" answer in the affirmative?
(*)/'(*) .......... ............to keep on rolling into the sustainable world you can create today and tomorrow!. ......................... .............with OBJECTIVE FIDUCIARY COUNSEL.
ECO STEWARDS' LEARNING TOURS.Serving Asheville's First Time and Relocation LAND and Home Buyers.
21 SHORT SALE QUESTIONS FOR YOUR ATTORNEY.- "GREEN" Real Estate and Relocation: The Eco-Steward Firm, ALL Eco-Certified® Real Estate Consultants! Copyright © 2009 All Rights Reserved
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