Short Sale Blues

Liliane Mora is trying to short sale their house, but banks are making it tough

By Willard Shepard
|  Wednesday, Nov 10, 2010  |  Updated 5:00 PM EDT
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Short Sale Blues

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Liliane Mora wishes she could brew up something that would get her out of her family's predicament.

She and her husband bought their North Carolina home five years ago and dreamed of using it for retirement. But when the housing market collapsed, clients at her family's architectural firm dried up, too.

They've got tons of paperwork from their attempts to short sale the home before the bank forecloses--but none ever went through.

“They were basing the value of the house on the old market and that's why I think it didn't go through,” said Mora.

The Moras are an example of the thousands of families across South Florida trying to get the bank to accept a short sale offer on their condo or home. The bank has to sign off on the offers, which are for less than the money the homeowner owes.

“It is frustrating,” said real estate attorney David Wolin, recommended making a copy of everything, finding out who the negotiator is and keeping in contact with him/her. He said to make available all your bank statments, tax returns and recent pay stubs.

“Your odds are much better. It shouldn't take as long and you're moving in the right direction,” he added.

“You've got to keep at it. You have to have a good realtor and stay on top of it, you have to call the bank and be constantly on top of it,” advised Mora.

If you are caught in this situation and need help short selling your home, go to www.miaesq.com to find out more information.

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