Washington Mutual may have originated the mortgage for the person who bought the home. Then, WAMU may have sold the mortgage to someone else, and only retained the loan servicing.
It could be that WAMU does not really own the property, they are just the servicer for the lender that really does own the property. I have seen this with foreclosure properties owned by Deutsche Bank.
Find someone in your local REIA. I have worked hundreds of short sales (many out of state) and we will try and help people stay in their homes, re-fi with the bank etc. all in the interest of good will and future business.
I am sure that someone in your local investor association will do the same for you if you ask around.
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I have helped out at least 20 investors from our local group in foreclosure when they over reached themselves on pre-construction deals locally.
This is a great market for short sales and we run around 30 each month here in the last quarter. It is funny how some take 15 months and others take 15 days (seemingly without reason).
The important thing to remember is that you can recover if you are in foreclosure and you can buy a house next month afterwards. I bought 4 last month with no bank financing sub to etc.
Quote:
On 2008-06-30 23:15, ypochris wrote:
"Cash Flow" means different things to different people. To me a property is cash flowing when it is 100% financed, I am able to set aside a reserve for vacancies and future short and long term mantainance needs, and there is still money left over to put in my wallet each month.
Amen. Brother. AMEN.
All investors need to invest like you. *applause*
The key is going to be what your clsing documents say. You want to see if it is a recourse or nonrecourse loan. This will determine if they can go after assets beyond the original property.
What is the full address? Maybe I can look up the title record and let you know.
Washington Mutual may have originated the mortgage for the person who bought the home. Then, WAMU may have sold the mortgage to someone else, and only retained the loan servicing.
It could be that WAMU does not really own the property, they are just the servicer for the lender that really does own the property. I have seen this with foreclosure properties owned by Deutsche Bank.
Find someone in your local REIA. I have worked hundreds of short sales (many out of state) and we will try and help people stay in their homes, re-fi with the bank etc. all in the interest of good will and future business.
I am sure that someone in your local investor association will do the same for you if you ask around.
[addsig]
Stockpro99,
Posters first post looking for help, doubt he knows what a REIA is.
John $Cash$ Locke
[addsig]
Thanks, John. My Private Message capacity is full, so I cannot receive or send PMs.
The book, Fight Foreclosure! would be a good place for JBrady, or anyone facing uncertain times, to start.
I have helped out at least 20 investors from our local group in foreclosure when they over reached themselves on pre-construction deals locally.
This is a great market for short sales and we run around 30 each month here in the last quarter. It is funny how some take 15 months and others take 15 days (seemingly without reason).
The important thing to remember is that you can recover if you are in foreclosure and you can buy a house next month afterwards. I bought 4 last month with no bank financing sub to etc.
Keep up the faith!
Quote:
On 2008-06-30 23:15, ypochris wrote:
"Cash Flow" means different things to different people. To me a property is cash flowing when it is 100% financed, I am able to set aside a reserve for vacancies and future short and long term mantainance needs, and there is still money left over to put in my wallet each month.
Amen. Brother. AMEN.
All investors need to invest like you. *applause*
depends on the state, the type of foreclosure, & the agressiveness of the lender.
look at purchase money v. non-purchase money mortgages and deficiency judgements in your state.
In CA, the lender could come after other assets as it was a non-purchase money mortgage.
The key is going to be what your clsing documents say. You want to see if it is a recourse or nonrecourse loan. This will determine if they can go after assets beyond the original property.
Hey
Welcome in this forum. Hope you will enjoy discussion and you will give good suggestions to other people also.
[ Edited by TheShortSalePro on Date 07/03/2008 ]