SS Timing For SSP
SSP, what's the least amount of time needed for a SS, typically? What's the steps to give me more time to work with the lender? Just send in a signed contract to lender and ask for an extension? Just called about a house in foreclosure that a friend handling the house for the owner said they got notice two weeks ago and doesn't have much time to stop the sale. Here are the numbers: 90k owed with 6k behind, FMV of $125. Market rent is 900. Would you try to reinstate the loan if it has good interest rate and take sub2? Mtg with owner and friend this weekend to get all the details and will keep ya posted. This only my second SS I've worked on...thanks for all the help and support on this board.
Todd
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Failing Forward![ Edited by somoose on Date 03/19/2004 ]
I'd suggest that the mortgagor contact the foreclosing mortgagee ASAP and advise that there is a Sale pending... and request the procedure to payoff the mortgage. At least that will notify the lender that something is being done....
How much time is needed? That depends on the type of mortgage loan, the laws and customs in your state, and how skilled you are in orchestrating an expeditious closing.
I usually allow from 45 to 90 days from the submission of a completed application, and accompanying Short Sale Proposal.
Thanks SSP, I'll keep ya posted on this deal...meeting with owner tomorrow.
Todd[ Edited by somoose on Date 03/20/2004 ]