Thanks for the reply SSP. Assuming we come to an agreement that the value is 100K, what % are we looking at?
P.S.
How can I contact you SSP?[ Edited by tat on Date 03/17/2006 ]
I did one with Countrywide that was an FHA loan . . . discount was limited by FHA to roughly 16%; in other words, I paid them about 84% of the "mutually agreed as-is market value". They were in the first position, and thankfully the second did a much greater discount so it was still a good deal.
P.S.
Loans that they own.
Thanks for the reply SSP. Assuming we come to an agreement that the value is 100K, what % are we looking at?
P.S.
How can I contact you SSP?[ Edited by tat on Date 03/17/2006 ]
I did one with Countrywide that was an FHA loan . . . discount was limited by FHA to roughly 16%; in other words, I paid them about 84% of the "mutually agreed as-is market value". They were in the first position, and thankfully the second did a much greater discount so it was still a good deal.
[ Edited by Storm33 on Date 03/17/2006 ]
I paid 84% on the first (Countrywide), and they in turn passed $1,000 to the second (Bank One) in exchange for releasing the lien.