Posted by John Behle on December 12, 1999 at 24:34:15:
If the banker will go for it. They might consider it over a large loss. The challenge is getting the banker to actually sit down and listen to you.
The big issue is who owns the mortgage. If it is a local bank or other institution, you’ve got a chance. If it has been sold to FNMA or a large out of state institution - your odds aren’t too good.
It’s described on tape 13 of the video course. I’ve also written some articles on it. I’ll track one down and post it.
Posted by M.T.(CO) on December 11, 1999 at 14:55:45:
Situation is this, a friend is in foreclosure because of devorce and other sircumstances. He asked me to help and because he has little to zero equity I dont believe there is an option. Is there a way to buy a disscounted note with the same value and see if the bank will substitute?-and then use the new found equity to buy that disscounted mortgage?(will the penalties and late fee’s still be due?) Are there any companies that do this? please help,He is a nice guy and doesnt deserve the outcome.thanks to all who answer.