Posted by Stewart on October 23, 2003 at 16:04:44:
Yes, the $207k is right. I can see why the borrower would take the money (to cover debts and just because they can) but who in their right mind would overlend this much, that is the real question to me. Definite short sale for what I understand and I think a good opportunity if everything is current, so no immediate deadline right now. I am gonna read up here tonight but hoping someone can copy me some links to posts or give me a quick few steps. I have been concentrating on sub2 learning, and I know this is not one
As best as I can see, get the contract for something the bank might go for (start at $70k maybe?) then contact the bank to see if they will consider the short. Of course, you don’t call up souding like a newbie but ask for the package, or the loss mitigation department, etc. Not sure how being in Chap 13 effects anything but clearly evidence the bank might have reason to believe the house will go to foreclosure if I bring it up.