Re: Preforclosure Question - Posted by Ben in Ohio
Posted by Ben in Ohio on April 08, 2000 at 06:41:24:
You may want to contact the mortgage company and negotiate. You will need a signed release from the owner. Then, you can ask for time with forbearance. This is useful if the owners are in a temporary bind and can catch up in a few months. In this case, you might charge them a fee of sorts, whatever you feel is fair.
Or, discuss a short sale with the bank. You will need a pretty good idea what you are going to do with the house if they accept a short sale, and generally it’s a cash sale. Line up your end buyer ahead of time for simul closing or assignment. The key to short sale is cash. If you are successful with the bank and can perfrom you may have future opportunities with the same lender. However, of you cannot perform, you will lose credibilty with that bank. E-me if you like and I will help you through it.