Posted by phil fernandez on May 23, 2000 at 19:14:40:
Glad you’re thinking creatively, however in a foreclosure situation, the bank does not want to hear your offers of taking subject to or lease/ options. They want one thing ---- MONEY, as in hard, cold cash.
So my offer would be the balance of the defaulted mortgage of $137,000 and the liens of $12,000 which equals $149,000. Your argument to the bank is that your are clearing up the liens and giving them their balance on the mortgage so they don’t have to show a loss. Even though back mortgage payments amount to $10,000. And it is $10,000 that the bank did not get. The bank might be more concerned of not showing a paper loss of the mortgage balance . I am working on a similar deal now where the bank is foregoing their back payments, I take over the loan balance so they don’t show the loss.
Good luck with your offer. Don’t offer the $185,800, at least right now.