Posted by tmykel on July 12, 2003 at 08:11:49:
It has been my experience that it is not uncommom for lenders to ‘short’ their properties up to 20%-30% of the existing lein on the property…expecially if it doesn’t clear the fire sale with an acceptable offer. You may get more or less depending on your location. Another option (of course) is simply to negotiate a ‘short sale’ with the lender directly. Either way, you should be able to get a discount off the existing note.
Hope that helps