Posted by Branon MO on May 21, 2007 at 16:44:32:
If your comps are strong and the property is in good shape then it sounds like a deal w/o doing a short. If the house needs work then try to short the lender. I have found that lenders that have made interest for that long are more willing to take a short (they can reinvest that principal money in a better loan). Is there a foreclosure sale date yet?
This Looks Like A Good Deal. IS IT? - Posted by Terrance
Posted by Terrance on May 21, 2007 at 16:06:15:
A co-worker of mine is facing foreclosure and wants out of her house. Here are a few of the details. She bought the house in 1992 for around 59k. She now owes about 79k on a home that is valued at about 107k. When I asked her how does she owe more than what she borrowed on the house she explained it to me like this. She made her payments pretty much on time for about 12 years until about two years ago. At that time she took out two forebearnce aggreements. I’m not familiar with this type of aggreement,but she said that’s where she did not have to pay her mortgage for a year due to financial hardship. This resulted in the mortgage company adding those two years worth of payments to her loan balance. My co-worker has given up and has resigned to let the home go into foreclosure. She does not want a dime out of the deal she just wants out. I was wondering that if the original loan was for 59k and the bank has received about twelve years worth of payments that they may be willing to take less than the 79k that they say is owed. Maybe the origanal loan amount on a short sale? Could this still be a deal at 79k after closing cost and say 5k in repairs? If you need more details please let me know and get more details from her. Thanks
he made her payments