Deed in lieu of Foreclosure?
When is a deed in lieu of foreclosure used..
I'm thinking before they foreclose on the property, or is it before the auction?
also... what are my options on a property that has 2 liens on it, the 1st has a payoff of $127,246 and the 2nd $33k. Total = $160.246
The property needs about $15k in coz., the comps. show about $195k. The payoff is good til May 14th, The auction is Aug. I'm trying to save what's left of the sellers credit by not letting it go all the way to auction while satisfying all.
Any suggestions
Thanks, Clif
A deed in leiu of foreclosure is when the homeowner gives the home and the deed to the bank without any compensation.
You need to convince the homeowner there is less equity than they thought. You should read these articles written by Bill Young called Using Financial Judo Series (Part 1 of 2) and Using Financial Judo Series (Part 2 of 2). It will show you how to squeeze some more profits out of a deal. If you clicked on the "articles" link and then "Article topics", then you will find articles under a topic called "Squeezing more profit."
Tanya
Thanks Tanya,
After reading part of it, I knew (just from reading John's manual) where the story was going. I read the rest of it and thought it was a great article, sent chills through me...loved it.
Thanks again,
Clif