Has anyone here ever gone through a Foreclosure on

Originally Posted by lorichristie

I am a licensed Real Estate Agent. I assisted a nice couple in a very difficult position. They purchased their retirement property, putting the first one on the market. As a dishonest Loan Officer talked them into mortgaging both properties, they had no choice (the 1st one was paid off). Now, they were facing two mortgages, so moved into their retirement home property (the lowest mtg). They kept paying that, and ran out of savings, while their property sat on the market without offers.

Finally, an offer came in. It was a short sale offer. I have handled the entire transaction, including negotiating with the Closer, and additionally protecting my Clients from a "Default Judgment." That is what others are referring to can happen, in some states, after a Short Sale OR Foreclosure. Not only did I word the Purchase and Sale Agreement to save my Clients from spending a single dime on Closing Costs, but also had written in reimbursement for Septic Inspection/Health Letter, Water Tests, and Utility Bills. It was a LOT of work, but I learned a great deal in the process.

The Buyers of this property did an inspection and due to the results, decided to drop their offer by $30,000 AFTER the Mtg CO had given us 100% Approval of all terms! It had to be re-submitted. Thankfully, I got some training in Short Sales, but sure didn't want to do them, fell into this one... When the Escrow Officer spoke to me before the re-submission ($30,000 less), she suggested the Seller's give me a raise. Okay, don't fall off your chairs. I had charged 50% of the commission for my side and 100% for the other to try to get it sold... It had taken months and my Clients were all for giving me a raise, LOL. So, they signed an Addendum doing exactly that. The Updated HUD included this raise along with the reduced Offer price. With the negotiation that followed, with good repore being extremely important, the Closer APPROVED IT!!!

Last year, when I was given a presentation on Prepaid Legal. I joined and have called them many times about my real estate work (to protect my Clients and myself) and other matters. It has saved me thousands in legal fees. I also signed up as a rep, but am not advertising here. I can answer questions, if asked. No matter who you go through, I would highly recommend Prepaid Legal!

I wish you the best & hope you get all your information to proceed very carefully.