Here's The Situation, HELP!
Hello all!
I have an owner of a modualr home that wants to sell. She is in chapter 7 and the house is not included in the bankruptcy. She owes $67k on the first and $9k on the second (the second is for the setup of the MH). The owner's discharge is in September. Texcorp mortgage is the holder on the first, and All State Mobile home movers is the holder on the second. My question is, can I short sale this? If I can, what would be the first thing I would have to do. I have an investor who is already approved for 100% financing for $100k. Please help me out. Tim
Oh, forgot to add, the first is foreclosing. Thanks, Tim
The first thing I would do is get a power of attorney from the owner allowing the lien holders to release information to you.
2nd I would get in touch with their loss mitigation department and ask if they will consider a discounted pay off. loans in foreclosure. If they will dischount then you make start putting to gether and offer. They will want all cash and to close within 30 days.
3. I fhtis is something that you can do then you will put together a "package to submit to the lender including the following:
Copy of purchase/sales agreement.
HUD 1 or net sheet
Hardship letter from homeowner
bad photo's of the property
Contractor's estimate of repairs
comparable sales
proof of funds letter
Escrow details
etc.
Fine tweek this and you may have a deal.
You will need to get a discount on the first and negotiate the 2nd for a reduced payoff.
9k to maybe 2k as they will get nothing if it goes to foreclosure.
Good luck and buy a book to learn how to do this easily and read some of the old post's and articles.
[addsig]
PS
I think the short sale primer is available as a download in ebook form for 70-80$
I would suggest you buy it!