Ameriquest
Has anyone had any experience trying a short sale with Ameriquest Mortgage? I have never done a short sale before and fell in to a good situation on an Ameriquest loan. About 175k owed but the property needs heavy cosmetic work. All fixed up its worth about 230k so there is some equity but not a ton and the owners want 15k. Its lean for me but I am trying to get the bank to take 150k. The person at the bank keeps telling me she feels there is equity and I keep telling her all the work the house needs. I have been told that Ameriquest will rarely even do a short sale. Does anyone have any advise or experience or better way to go about this.
Thank you
I'm working a short sale with Countrywide, and getting the borrowers to complete all the forms for CW...if the lender's loss mitigation dept. will send the package, then they will typically entertain 20% discounts to loan balance. My strategy is to offer 80% of current and negotiate up to max. of 70% of FMV...keep at it, since its great training for the next short sale that may work.