Posted by Ben (FL) on May 11, 2000 at 07:08:05:
Is getting a discount from a lender on a house they are foreclosing on considered a “short sale.” I just got a contract on a house with FMV = $92,000. I’ve negotiated an $18,000 third mortgage down to $4k (ok I should’ve offered them $1k), and a $12k 2nd mortgage down to $3k (see previous parentheses). Balance on the first mortgage is $61,000 plus 6 months unpaid interest and fees. Of course, any calls to them are directed to the attorney.
How do you suggest I go about asking for a discount on the first?