Is this worth pursuing? - Posted by John

Posted by Bill H on July 07, 2003 at 21:14:49:

John:

In order to get the lender to do a short sale there must be a compelling reason…jusst because you want it is not a compelling reason to the lender.

  1. The first will not “take a hit” if there is any money in it for the seller.

  2. The first will not deal if the second and all other junior lienholders do not take a hit with them.

  3. The first will require the HUD-1 to show who gets what…etc.

  4. The way you put it, looks to me like the first will come out OK at the sale. The FMV of 140,000, they are owed 135K & change…would you discount if you were in their shoes?

  5. The first really is not concerned with any other liens of obligations of the seller other than the note they are owed.

6.Bottom line: “There are strange things done in the midnight sun by the men who toil for gold…RW Service” So the worst the first can do is say NO…get your ducks in a row and ask them to short it.

======>bill

Is this worth pursuing? - Posted by John

Posted by John on July 07, 2003 at 18:39:58:

Hey folks,

Need some advice on a possible deal if anyone is willing:

Owner called off a pre-foreclosure letter with a house he needs to sell. Going to Sheriff’s Sale August 13, 2003:

OWES: 135,900 1ST
13,000 2ND
148,900 TOTAL

BEHIND: 8 MOS. 1ST = 11,200
8 MOS. 2ND = 1,936
TOTAL = 13,136

LEGAL FEES: 6,000

TOTAL OWED: 148,900 MORTGAGE
13,136 PAYMENTS
6,000 FEES
168,036 TOTAL OWED

PAYMENTS: 1400 1ST (15 YEAR MORTGAGE)
242 2ND (CITI FINANCIAL)

FMV: 140,000

Now, I’m a newbie and I’ve not done a “short sale” before to know what can be made out of a situation like this so keep the chuckles and low-blows to a minimum here:)

Is there anything I can do here or is this a dead deal?

Thanks for your help:)

Re: Is this worth pursuing? - Posted by Tom-FL

Posted by Tom-FL on July 07, 2003 at 22:45:32:

Which one is foreclosing?