Posted by Tom-Pa on February 02, 2001 at 20:16:41:
Kim, You might want to contact the lender on these properties to see if they would do a short sale. You will need to get the informatiom from the seller(bank & account #) along with a signed authorization from the owner. You can make an offer to the bank and than you will need to sign a sales agreement with the owner for that amount. I’m doing the financing on one now where the bank is taking 50 cents on the dollar, so that they don’t have to foreclose on the property. Good luck Tom
I have been contacted by two different sellers who are going to go Bankrupt but do not also want a foreclosure.
Thay are willing to give me their houses for the loan balance (which is about $15 and $20,000 below appraised value) but is there a way to protect my interest if they go bankrupt. What do I need to do to protect against leins etc.
What suggestions do you have?? Thanks so much! Also another one I have been talking too is about 5 months behind in her mortgage payments and if I didnt have to catch them up it would be a doable deal. Has anyone had any luck convincing the mortgage co. to deferr payments or something along those lines to make a deal more attractive. I was thinking I could contact the mortgage co. as someone trying to help her with her situation and see if they would be open to that idea. i was not going to tell them I was L/Oing the house just helping her correct her financial situation.