Posted by mortgageinsider on January 14, 2004 at 01:16:57:
Mark,
Great idea…your mortgage background is ideal for short sales…you speak “mortgage” and you’ll need that dealing with the loss mitigation rep.
One hint…you said you work with hard money lenders? Do you mean private party lenders or institutional B credit and othe niche portfolio lenders? If you mean the second, your in luck. These guys made a lot of dumb loans over the last 5 years and they are swamped with loans in collection department that with a little persuation can be had. And unlike the post above…I have found foreclosure is not the key…Persuasion is. Now they will have to be behind 3 payments or so, but that’s a ways away from foreclosure. Also I hate waiting to talk with someone after the NOD has been filed…it draws are the equity hunters out…you know the mailer kings and that muddys the water, plus alot of these properties have literally 0 equity and they run. Hard to get a contract signed when you can’t find them. So, B lenders ARE willing to move a loan from collection to loss mitigation and then off the books when you buy it…especially when you show them the ugly pictures you took, the current owner hardship letter showing the hopeless situation you found, not to mention the crappy comps just down the block…gosh I just sold myself…where do I sign up…
don’t walk run into short sales…get all the info you can and then start…your mtg connections will help you…and the next closing you attend won’t be to pick up a lousy $3500, it will be a lifechanging $35,000! Good luck.