Posted by Mark-GA on June 14, 2000 at 07:37:26:
Don’t know if the numbers work, but here is the process I use:
- Get it under contract. Offer them $500 (or whatever) to sell the house subject to.
- Run title.
- If it’s clean, give them the money, get the deed and reinstate.
- Start making payments.
In my limited experience, most banks need time to process your short sale offer. You may be too late, but it’s worth a try.
One factor I always consider is how far behind are they? Since this is, in effect, my down payment, the lower the better. Some non-deals become deals if you can buy and hold in a good area for $2-3k out of pocket. Especially since your name is not on the note.