OfflineHi,
Seller is 10 months behind in payments to the tune of $20k, house is vacant and it needs $5k of plumbing repairs. Also, bought in 2006 for $250k and it's now approx. $185k at FMV
They are facing foreclosure...anything I could offer them as a solution?
Thanks as I'm learning!!
__________________
Buyer
Nothing else can get him out of his predicament
A short sale is one option they could consider. I wish you the best in helping them.
Lea
SPR Property Solutions, LLC
Hi Frederick,
Do you know the balance on the loan? Have they received a NOD yet? Is there a second on the property? Taxes paid up to date? Any other liens?
If they are still in possession, why don't they put a tenant in the house? Did they buy it as their primary residence? If so, why did they vacate it and what are they paying per month to live somewhere else? If they bought it as an investment, were they unable to find a tenant?
Is he trying to hold on to the property or is he motivated to let it go if it can be worked out with the bank?
Cindy
Life isn’t about waiting for the storm to pass…
It’s about learning to dance in the rain.
The most difficult thing is the decision to act, the rest is merely tenacity. The fears are paper tigers. You can do anything you decide to do. You can act to change and control your life; and the procedure, the process is its own reward. - Amelia Earhart
"The greatest mistake you can make in life is to continually be afraid you will make one." - Elbert Hubbard
If they received there NOD, you have to get them to sign an Authorization Of Release Letter to be able to talk to there lender. Submit a Short sale packet with a CASH offer. If you don't have someone to do this for you, pass it to another investor and get paid a finders fee, if they are successful with closing the deal. At least this gives the seller a chance of not having a foreclosure on his record.
Where is the property located?
Jason S.
San Diego, CA.
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I agree with Jason 100%. short sale looks like the only avenue. The fact that they are 10 months behind is interesting. It appears that this house has fallen through the cracks of the bank.
Could be time to look for another deal...Jan
I know of three properties that haven't made there payments in over a year & they still haven't got an NOD. One guy thought the bank was finally going to foreclose on them, so they moved out into a rental & somehow moved back in there property??? No payments for a year & still get to keep there property,
must be nice...
Jason S.
San Diego, CA.
**All CASH House Buyer!**
Refer Us To Neighbors, Friends & Family, Earn $1,000
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There is not much that you can do in this situation. You will find out rather quickly that you can not help everyone. You may be able to perform a short sale as Jason has indicated. But you should be knowledgeable about this process and understand that the homeowner does have options. I would let the homeowner know that you are offering your opinions and not legal advice.
1. Tell them not to ignore the lenders letters, they may have additional options available to them.
2. Inform them to stay in the home, they may not qualify for assistance if they abandon the property.
3. Inform them that they should contact the local Hud agency for housing counseling.
I hope that this information helps!
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