SS Prior To An NOD? Have You Done One?
I have a propperty that I would like to get a reduced payoff on. It has about 146 owing on the loan and if I could get it to 130 then it is a very workable deal for me.
The seller is currently 40 days behind on the note.
I do SS regularly but have never tried to do one that was prior to the Notice of Default/Les Pendens filing.
I am wondering if it would be possible to get the lender to discount the note. Irwin has it though Chase might be servicing the note.
I would like to hear from somone that has done this or tried it and what their experience was..
[addsig]
i currently have 2 that im working prior to lis pends being filed and they are a pain in the @$$. mostly because of the lenders procedures. they wont put me through to loss mitt because its not been filed and when i call the loss mitt number it redirects me to customer service when i input the loan #. the customer service people have no-clue as to what im talking about. its tuff. good luck.
i guess the reasoning behind it is that if the loans still in collections then the bank still thinks there is a chance of them getting there money.
its always worth a shot, or wait untill it does get filed.
I think I will contact her and see about listing it at $160,000 (it wont sell) and then do a short sale where I will be able to show it has been on the market etc..
Randall
[addsig]
yeah thats a good idea.
one of the ones i was working on was partially listed, actually the realtor wouldnt even list it because so much is owed on it. so thats going to be good for my case but at the moment i cant even talk with anyone who cares.
good luck. its always worth it if one gets accepted.
I always make a stipulation in my SS that the owner will not get a 1099 or be held accountable for the debt. Almost always the lender agrees. Yes they will have to pay taxes and it could hurt a lot.
Eric5, a 1099 is a government tax form. Either a company is set up to send them out, or a company is not set up to send them out. I do not believe that it is something you can negotiate.
Tell your home owner that they also would have had a 1099 for the difference if it had gone into foreclosure. Anything recovered from the bank for less than what was owed would have been a 1099. Tell them that at auction it would have probably gone for much less.
Brenda
Since the seller has spoken to the second note holder, he can likely provide an introduction for you. This way you can negotiate the terms of the note purchase. If the noteholder is an institution you will learn what they want to see in terms of an offer.