Race against foreclosure

The Kauai Short Sale market continues to be an “Alice in Wonderland” crazy ride.  To quote one of my buyers, “we’re down the rabbit hole now!”

In the midst of this National Credit Crisis, you would think lenders would be responsive to fully qualified, reasonable offers to purchase distressed property – but no, that’s too logical.  How it benefits them to foreclose, pay additional attorney fees, keep it vacant, put it back on the market and take another 6 months to sell at sometimes the same price or even lower is beyond me!

Okay – thanks for letting me vent.  As you may have guessed, I am currently representing buyers trying to complete a purchase at the bank’s approved price and terms, yet we can’t get a response. 

Short Sale vs. Foreclosure

Short Sale vs. Foreclosure

Act 137 in Hawaii continues to harm homeowners, as they are without guidance and support in exploring options to sell their home and negotiate with their lender vs. foreclosure.  The benefits of a Short Sale vs. Foreclosure are many. 

You can download a detailed analysis of Foreclosure vs. Short Sales on my website at www.Kauai-ShortSales.com.

Three Words to Stall a Foreclosure
This recent AP article is an interesting twist…shows how one homeowner successfully stalled her foreclosure auction with 3 words –  by simply asking for the lender to “Produce the Note.” 

With all the sales and resales of mortgage notes, asking the foreclosing lender to provide the original note and proof of their right to foreclose can create at least a temporary delay.  Perhaps the type of delay that can allow for a Short Sale offer to be presented.

I’ve just learned of a new service in Hawaii that is a legitimate Loan Modification effort that includes analysis of the original loan documents, and an effort on behalf of the homeowner to use the irregularities, and violations done in the original documents to successfully re-negotiate the loan.  Unlike the terrible rip-0ff services that you’ll find, this one protects the homeowner, only asks for a small retainer fee that’s refundable if there are no irregularities in the loan.  If you’re interested in more information, contact me right away.

What’s your experience?  Add your comments and insights on Foreclosure or Short Sales here.



About Susanna "Susie" Kunkel, RA

With a belief that life is too short to not follow your dreams, Susie and her daughter became new Kauai residents in less than 4 months after visiting for the first time in 2000. She brings a wealth of information from her background in administrative, contract and paralegal work in a variety of industries including technology, investment banking, biotech and estate planning. As a Realtor, Susies's tenacious and technical approach have earned her a large group of extremely loyal clients. Susanna is a steadfast believer in "The Golden Rule", and applies it to her approach as a Realtor. "Each client and each property are unique, so it's important to me to listen intently to what my clients' goals are, and to make sure I go above and beyond to help meet them."
This entry was posted in Affordable Housing, America's Credit Crisis, Foreclosure Prevention, Kauai foreclosures, Kauai market updates, Short Sales and tagged , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s