Only One Of Two Owners Will Sell? (In Foreclosure)
I have a lead for a property that is far into the foreclosure process. The "ex-girlfriend" was finally notified by the mortgage company that the property was in foreclosure after 6 months of non-payment. The ex-boyfriend lives in the house currently and already filed BK in 2002 so he can't file again to stop the sherriff's sale.
She wants to sell to me subject-to or short sale, but she can't get him to cooperate.
Anything she/or I can do?
Thanks again everyone!
You did not mention if you did any comps on the place how much was owed and the fmv if its good enough to make it worth wild I would then try to speak with the bf I would try to sit down with the guy and talk to him, most likely there is some bad feelings towards the ex. Let the guy do some talking and just sit there listing to him after a bit I would see if he would be willing to also do the subject to or a ss if he still was not willing to budge I would offer him some u-haul money and see if that does the trick. Lets face it the sale is going to happen one way or another the trick is to get both parties on your side so all parties win.
Yes it is worth it - FMV of 150 and mortgage balance including arrears of 86K. Nice home, nice area. There is 16K due in back mortgage pmts including taxes which is included in the 86K.
Not having 16K at this time, I would say the SS is the only way to go.
I will try your suggestion - thanks that is a good idea. I wasn't sure if legally, since the property is in foreclosure and she was never notified, if she could get the sale delayed or otherwise force him to sell.
I doubt she could get a delay I would bet the bank would say "you <debtor> should have known the payments were not getting made"
I would just approach it slowly but let the bf know your helping him out. If he still will not then your stuck and will have to wait till the sale if you want to.
If you are good enough, play both sides here. Tell the gentleman that you are willing to give him some cash but that you don't want to give any to his ex so that he'll have to keep it secret.
My guess is that he won't sell because he knows his ex wants to sell. Well if he can think that he is screwing her than you have yourself a deal.
The other thing here is that you are not going to be able to short sale the property. You indicated fair market value to be $150k and the mortgage balance only $86k. The bank has sufficient equity in the property and they will not budge from that $86k. What you can do is get the owners to deed the property into your name and you pay off the $86k. A few options for cash is hard money lenders and partners.
GOOD LUCK
I was recently told in a foreclosure class that in NJ the owner can apply and automatically get a postponement.....