Posted by Charles on April 29, 1999 at 10:39:44:
Thank you John, I will try to put this one together.
Charles
Negotiating Defalted Paper, What to do??? - Posted by Charles
Posted by Charles on April 25, 1999 at 10:04:06:
A question for the experienced discounters, When a homeowner receives a notice of foreclosure from the lender, what are the best strategies to use to buy the note and thus control the property? And what should be avoided?
Ex. property val. $100,000
orig. mort. $90,000
mort. bal. $50,000
Addt’l fees $10,000 (late chgs.ect.)
forclosure sale is in thirty days. What offers could I make to the lender?
Thank You
Charles
Lenders in foreclosure discounting - Posted by John Behle
Posted by John Behle on April 28, 1999 at 14:23:21:
When you have as low of a loan to value ratio as you have here, the likelihood of a lender taking much of a discount is very small. It can’t hurt to ask, but the lender in this case should have little worry about their safety here. Some lenders even look at deals like this as a way to make up for some of the ones that they take a loss on.
They would likely sell for the full balance of the loan, back payments, and costs. In this case, that would be a great deal.