Seller Is Investor With No Hardship Letter
My Seller is an investor who is overleveraged on this preforeclosure house. I am ready to submit my SS package and proposal to the lender, except I have no financial/hardship info about the Seller/investor to include. Any suggestions on how to handle this in my package submission? The package needs to be submitted PRONTO to avoid the Sept. 5 foreclosure date.
Thanks!
Be creative. Mr. X fell upon hard times as well as being overextended. He would like to start fresh and not go into Bankruptcy as he has been advised.
Or similar comments.
[addsig]
Thank you! Sometimes we overlook the most obvious, common sense answer. Thanks for pointing it out!!
SS Pro,
Thanks,
Yes their monthly payment is 1500 and that includes 175 in PMI. It is a conventional loan.
Yes, they do qualify for a hardship. We have had preliminary contacts with Ameriquest and they said they would be willing to
work with us.
I also have employed the help of a Realtor friend who has done many SS so I think kwe will have a well prepared proposal.
My concern was the large difference between the loan balance and what the current value and condition of the property is in.
I think 70 would have to be my high end to do the deal.
Your success will depend upon your preparedness for the BPO inspection.