Help This Lady And/or Make Money
hi all, I can't see any way to help this lady or make any money on this deal, but I hate to turn anyone away without at least trying to give some good advice.... she has a house appraised at 147400, she owes about 152000 on a 9% loan. payments are 1355/mo PI. she's 4 months behind on payments and just received a notice of default on 1/29/04. any advice? Thanks, Ted
I know that this isn't going to be much help, but it's better than nothing. She might be able to refi at a much lower rate and drop the amount of the payment quite a bit. If she's four months behind, I don't suppose she can make any payment, but depending on the specific circumstances, it might help. Z
Will the lender entertain a short sale?
Repeat after me. "Our Father that art in"
Then explore a short sale. Out of idle curiosity how come the mortgage so high and the value so low? Was a game played, or has there been a reversal in value within the last few months?
Please try and find the reason and post cause we are all agog?
I await your posting. Lucius
Thanks for the replies, she can't refi because she lost her job and is making half as much now. as far as a short sale, I'm not sure, I've never done it, I usually concentrate on L/O and sub2, maybe it's time to expand......
I am looking thru my notes.
Is this a private party loan? The loan period looks like a 20 year to go loan. The interest rate so high. Could it have been set up as a "snatch" loan. You know they sell you a property grab a pretty good downpayment and design the note to be impossible with high payments etc. They wait and then snatch the property by putting you into foreclosure. Ok they run the sale and then a little fixup and away they go again. This was a common game a few years ago but I have not seen it lately. People are getting too smart. please advise very curious.
Lucius
Ted da Larsen,
Short sale, simple you really need to know this. Should be in your bag of tricks. What kind of a job does she have now? Is she the only person with income? Can any family members come in and buy on the short sale? How about a Hubby ex or present? Still cannot figure out the upside down and the high high high interest rate. Is this a minority area and some lender or lenders are playing "sock it to them" This is where a selected minority area is subject high interest rates, low downpayments if any. Short term mortgages 15 and 20 year. That coupled with the high rates of interest make a payment that would be impossible and sets the properties to continual loss and resale. Usualy played by a small bank who are King of that Mountain. Please inform me.
Lucius
well, this could be sneaky deal, part of the purchase was an agreement that this lady use a certain mortgage company in OR (we're in Alaska), supposedly a friend of the seller.... so who knows. This is an extremely high rate for this area, Alaska housing finance corporation and USDA-Rural Dev. offer loans usually several points below the current going rate.... I'll look into a short sale but I don't want to get into a loan with this company