hrmmm...i could use some help on this one
I have a prospect that called and is in pre-foreclosure. The house is nice but here is the kicker. The owner thinks the house is appraised for 140k but owes the bank 167k. Ick. Is there any hope for this???
If so, what are my options here. The only thing I can think about is a short sale...anything else?
Thanks!
Vic
[addsig]
It's the lender bad judgement that exposed them to an overleveraged home.
I agree with you I think the only solution is a short sale.
Hrmmm...
Haven't looked into short sales that much. This could get fun.
Thanks for the response.
Vic
SHORT SALE BABY!
Have you run your own comps?
Good luck...
I am working on one similar to this. I contacted the bank and asked if they discount mortgages. They said send us an offer. I thought I could buy the mortgage paper cheeper than the short sale (the seller will deed me the property). The bank did give me a discount, but nothing like what I was looking for to buy their paper. They suggested that I pursue a short sale with them istead. So that is what I am currently in the process of doing. It is funny that they wouldn't let the debt go for less with a discounted mortgage, but they will consider going less with a short sale process!