Foreclosure Friday, Want To Do SS
Hey guys,
I'm looking at a property that I was going to take sub2. Got the figures back from the bank friday, 13k. Loan Payoff is about 157k so im looking at a total of 170k. Home is in a tough neighborhood, and not worth it to me (or anyone) at this price. I want to do a short sale with chace manhattan. Any specifics on how I can expidite the situation? Whom should I call tommorrow morning about it, and I'm assuming I'll have to try and postpone the auction. Let Me know what U think
am I out of time on this one?
Taking this property subject 2 and a short sale in a short period of time can be most difficult.
Most lenders do short sales based upon a cash purchase not sub 2.
You need to first of all delay the foreclosure proceeding and most likely the trustee or sheriff will not delay due to a maybe sale.
Due to the time frame this may be best approached after the foreclosure sale if the lender does a buy back, but I will say doing a short sale without cash with Chase Manhattan will be most difficult
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Well, as far as time to close on a sub2. no problem, I can' do it tommorrow nite, as far as paying cash for a short sale, no problem, the money is there. I'm just trying to decide if the time is there to try and negotiate a SS. If not, no biggie.
Birddog1
While you are trying to decide if there is time to do a short sale, the clock is ticking away.
No one can truly say you have enough time, only you can determine this fact based upon your own ability in the presentation of the short sale package.
You have to ask yourself does the lender have enough time to review and approve the short sale before Friday.
The most important factor is the delay of the foreclosure sale to allow you the time to work out an agreement with the lender.
Options that are available to stop the sale.
Bring the account current.
Bankruptcy
Errors in the due process of the foreclosure proceeding
Errors in the mortgage documents
Just to name a few.
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