Short Sell 1st. And 2nd. Same Lender
what if house appraised for 130.000 and lender was aware of this and owner was headed for foreclosure however the 1st. has a 150.000 and 2nd. 30.000 and the owner has available 130.000 cash what would be the best way to approach this since the lender would probably never sell back to owners maybe have outside person purchase and then quit claim deed right after closing first and second same lender any info. greatly appreciated
Quote:
On 2003-08-26 21:11, rayshir wrote:
what if house appraised for 130.000 and lender was aware of this and owner was headed for foreclosure however the 1st. has a 150.000 and 2nd. 30.000 and the owner has available 130.000 cash what would be the best way to approach this since the lender would probably never sell back to owners maybe have outside person purchase and then quit claim deed right after closing first and second same lender any info. greatly appreciated
How does the owner come to have $130,000 cash? He certainly wouldn't qualify for a short sale.
The idea of a third party intervening is a thought. Instead of trying to purchase the property via short sale, I would try a different approach.
You should purchase A Short Sale Primer in print version. You'll be entitled to an hour of private E-coaching. I'll help you prepare a strategy... and if necessary, I'll make myself available to help you thru this transaction.
This is doable
Quote:
On 2003-08-26 21:11, rayshir wrote:
what if house appraised for 130.000 and lender was aware of this and owner was headed for foreclosure however the 1st. has a 150.000 and 2nd. 30.000 and the owner has available 130.000 cash what would be the best way to approach this since the lender would probably never sell back to owners maybe have outside person purchase and then quit claim deed right after closing first and second same lender any info. greatly appreciated
I still don't know how someone that has $130K is headed for foreclosure. Nevertheless, this would be my approach. Since you said the property is headed to FC, then probably both the 1st and the 2nd are severely delinquent, I would deal with the 2nd mtg first and offer a deed in lieu of FC and say that you are unable to save the house from FC and would like to make it easier for them so they can just take the deed. Since they are the 2nd and there is no equity to speak of, they will say no. Then you can offer a short sale for ... say $2K. You can say that you could get a relative to help you but this offer would be the only thing you could do. Asked them at the same time if in the event you cannot get $2K would they take $1K? See what they say. Offer exactly the same thing to the 1st and explain that although there is a 2nd, you are trying to avoid lengthy FC and they may allow a short sale for $1K. They will be happy because the 2nd will definitely get out of the way without them having to FC. They may balk at a deed in lieu of FC which is exactly what you want. Then you can ask about a short sale and offer $80K and see where that leads. See my profile and contact me for additional info. I am in the Mtg business and I think this may work provided that the property value is close to $130K. If the value is higher you will get no sympathy from the 2nd or 1st. Good luck!
it would be difficult to use that strategy because the 1st and 2nd are the same lender...
I disagree. I think that having 2 loans serviced by the same Company isn't a problem, in fact, it might even work to your advantage.