Short PAY Anyone??
Hello all,
I have a client who was offered a short pay amount of $65k on a $100k house. She owes $105k and is 36 months behind. I was wondering when banks offer short pays is it reasonable to explain to them [the bank] that you cannot afford X dollars but you can afford Y dollars as the short pay amount? I have never heard of a short pay and I can't find anything on it. Thanks, Tim
It seems like the mortgagee offered the mortgagor a 'one time offer' to accept $65,000 as payment in full....instead of pursuing a foreclosure. Is this correct? If so, I've seen this before. Whoever is bringing the new money to the table had better act quickly, and get a Letter of Intent to Accept Offer of reduced settlement ASAP.
Thanks Short,
Yes, you are correct.
What department/person do we get a
Letter of Intent to Accept Offer of reduced settlement from?
Thanks,
Tim
Hi Tim,
If you already have their proposal in writing, go ahead and get them a letter of intent, which accepts their proposal, and like SSPRO said, I would get this closed fast!
Best of Success!
BAMZ
[addsig]
You prepare a letter of intent (from the Seller/mortgagor to the Mortgagee) to accept the offer. Reference the Offer, or attach a copy to your Letter of Acceptance.
It doesn't have to be long or involved. Just correctly indicate by what date you'll be sending your check....
Thanks all!
So let me get this straight. Once I have the banks short pay in writing, I then send the bank a Letter of Intent. I am to attach a copy of the banks proposal with my Letter of Intent and send it to what person/department at the bank. Please forgive my ignorance.
Thanks,
Tim
....ask for the Loss Mitigation Dept or Workout Dept
You send the Letter of Intent to whoever signed the One Time Offer to accept less. Call that person on the phone and tell them to expect the Letter of Acceptance, and get that person's FAX #, too.
Get on it before the Offer is retracted, or expires.
Hello all!
I do apologize, but I dont want to screw this up. I am aware of how to flip the contract without my buyer knowing how much my fee was, but how do I do such a thing in a situation like this. My buyer has financing already lined up. Thanks, Tim
Bump, pls help. Thanks, Tim
Quote:
On 2003-12-03 17:35, HasSpoken wrote:
Thanks all!
So let me get this straight. Once I have the banks short pay in writing, I then send the bank a Letter of Intent. I am to attach a copy of the banks proposal with my Letter of Intent and send it to what person/department at the bank. Please forgive my ignorance.
Thanks,
Tim
Tim who sent the letter?
I would think you just reply to them no?
How do I flip the contract in a stituation like this? Thanks, Tim