Renegotionating Mortgage Terms?
Just wondering if anyone has renegotiated their mortgage terms, since companies are desperately trying to avoid foreclosure. If someone has multiple mortgages this could really improve their cash flow.
thoughts?
Ok then let me clarify. Will a bank negotiate a short sale with someone before they give it to a realtor to list publically?
The home owner has to be a part of the shart sale process.
You can buy the defaluted note or about to default note from the banl.
Effectively you, become the bank and have to do the whole foreclosure process. If someone out bids you at the auction, they get the house, you get the difference btwn the discount you paid an the price at the sale, and junior lien holders or the homeowner get the difference btwn price at the sale and the high bid.
say you buy note for 80K
Auction price is 120K
winning bid 125
you would get 120-80, or 40K
junior liens/homeowner gets 5K
high bidder get house for 125K
Thanks ITBInvestor. It makes sense.
For the above that don’t live in Chicago land area our economy never recovered from the 2000 recession due to Gov. Blowfaggoyobitch’s tax all the businesses into non-solvency. This state has lost over 10,000 small to medium businesses since the bastard stole his office.
On top of the bad economy the banking industry has severely artificially over inflated the housing market price due to their massive sub-prime lending practices. The Chicago land area’s housing market has a long way down to go. To find a current fair market price house in fair condition look at the 2000 price, in immaculate look at 2001 FMV for poor good luck getting the ‘97 FMV.
To get an idea 4 flat on 5.0 acres has been on the market over 6 months, current asking price 170. 6 bed 2.5 bath on 0.5 acres in up town St. Charles has been on the market for over 6 months current asking price 160. Get anywhere closer to Master Daily’s-ville the price continues to plummet.
To the guy above if your house is actually in Daily-ville the current moving average is around 120K. It better be in immaculate condition with something to set it apart to get anything over that.
[ Edited by Arddrea on Date 10/01/2008 ][ Edited by Arddrea on Date 10/01/2008 ]