Posted by Brent_IL on August 20, 2003 at 17:36:54:
No bank will take a discount if you are obligated to pay them. They will take your property instead. Short sales are done with people who have no legal obligation to pay the debt. You signed the loan papers; pay up. You can refinance if you want the money. The bank will charge fees because rates are lower than they were when you got your loan.
Lose the CAP lock.
WILL THEY OR WON’T THEY - Posted by STEVE
Posted by STEVE on August 20, 2003 at 09:48:30:
I HAVE A BALLON PAYMENT DUE OF 45K ON 8-04 WITH CONVENTIONAL FINANCING. I CAN PAY THIS OFF NOW BUT WAS WONDERING WHAT WOULD BE MY INCENTIVE TO DO THIS. WOULD THEY TAKE A DISCOUNT? I DON’T QUITE KNOW HOW TO APPROACH THIS. DOES ANYONE HAVE ANY SUGGESTIONS FOR ME?
THANKS SO MUCH
HAPPY INVESTING
STEVE
Re: WILL THEY OR WON’T THEY - Posted by B.L.Renfrow
Posted by B.L.Renfrow on August 21, 2003 at 01:12:39:
As Brent says, if the lender is a bank, they won’t discount for early payoff. If it’s an individual, they might, and you won’t know unless you ask.
Brian (NY)