Are Lenders Accepting Offers After The Foreclosure Sale
I mean immediately after the sale, rather than going thru a service and listing. If I call them the day after the foreclosure sale, will they even consider an offer close to what they just got it for?
Different states have different rules (laws) regarding the foreclosure process, but what jllaco describes seems to be a universal reality. It is not uncommon for trustees (NC is a trustee state) to open the bid at significantly below the payoff level. I know this for fact since several times my company has purchased such property and I have seen the documentation. I have not seen an opening bid for more than payoff, but after the long list of fees involved with a foreclosure, the payoff often becomes more than original loan amount even after years of principal reduction.
You can always ask the 2nd place lien. As far as doing something to reduce your rate and NOT affect your credit, I think that is unlikely unless the 2nd agrees to lower your rate. What has changed since you agreed to the rate when you took the loan out other than the value of the home has decreased?
I have been doing the buy-sell real estate stuff for 6 or 7 years now.
I am considered a Real Estate Dealer. I have to pay normal income taxes on any profits I earn.
Good luck on where you find yourself in this quagmire!
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