Not 90 Days Deliquent Yet
The owner cannot pay their mortgage. Divorce etc...
123k home, 124+ on note with interest and penalties. They have no intention in making payments, no foreclosure notice has been mailed to them by the lender. I have done three short sales but never this early in the game. I have a great relationship with the owners and I am familiar with the lender. I have the hardship letter, signed sales contract, signed authorization, my own BPO, title work, appraisal. It is worth every penny of 120k, can I sart working with the lender or is it toooo soon and how should I proceed? 30% MI coverage.
its very tuff to get the lender on-board when the NOD has not yet been filed, atleast for me it has. im still working on 2 shorts that are pre-NOD and just havent been able to get any progress with the banks. its worth a try but its not easy to do.
Have the realtor present for the appraisal. She should have low comps and repair estimates for the drainage and other problems. She needs to point out that the house has been on the market for 12 months and allt he problems. Also have the realtor tell the appraisal the purchase price that you are trying to get approved.
If the realtor can not be there, then you be there for the appraisal.