Call the lender now or let her sweat?
Hi Folks,
I have a seller who is 3 months behind. He is in his property at 100%, but he has a 1st and a 2nd. The first is a mortgage company, and it's about 66% LTV. The second his a private lender, and he's in the remaining 33%.
My question is: should I be contacting the lenders immediately, or should I let them sweat a bit? Should I return their calls right away, or take my time about it?
Thanks,
Alex Pakter-Nagle
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Oh, one more bit of info: We have the deed to the property. We haven't yet recorded it. Should we record it?
Alex
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Hi Alex,
One option to try to get this deal done swiftly would be to have a complete short sale package ready and completed by the homeowner (Hardship letter, recent comps in the area, a letter explain why the 2nd lender would not want the house and a hud-1). You might go into this planning to pay the 1st lender his payoff price and offering the 2nd mortgage 10 cents on the dollar or $3300.00. I am doing one now very similar to this one, and these are moving forward well. I would probably call the 2nd mortgage lender every day or every other day to see how things are moving forward. Just make it clear to them that you have a sincere interest in helping the homeowner out of this mess (which I'm sure that you do). If they counter your offer, then you might sit still for a few days, before re-sending them a counter offer. Hope this helps.