Posted by Barry (FL) on July 20, 2003 at 19:14:27:
Sorry, what you originally wrote is below. I read through it quickly and thought you were saying there would be a hardship letter from two different people on the same property. I have had this before in divorce cases. Yes, each case will be different.
“Also, what about the Hardship Letter? I know each seller is going to have a different “sob story” on their hardship letter but is there anything I should know about to either “omit” or “add” in the hardship letter that might make it better?”
Also I’m still a bit confused about what you are saying. FMV=180k balance due 140k is this correct?
If so get Sears home improvements to give you a quote. They are very pricey. Try to get as high a repair amount as you can especially if you can get it from more than one contractor.
"When I make my offer to Countrywide and, if it’s rejected, will they come back with a counter-offer or will they just say ‘no’ to my first offer.
They may counter, they may not. Try to build a relationship with the person in the Loss Mitigation department who’s in charge of this file.
BTW, my offer is going to be somewhere around 85% of loan balance. Problem is, the house has about 20k in equity (FMV=180k). I don’t want to go too low because it could drag out the process and their foreclosure proceedings aren’t slowing down either!
This is why you are going to take pictures and get high but not unrealistic repair quotes to make it look as bad as poosible. You need to make them not want it.