SHORT SALE HELP!!!

[TJ]

Maybe you guys could give me some suggestions.  Got this call this morning. The details:
- loan balance 127k
- listed for 135k then down to 130k but can't sell
- Tried to deal with the bank before but said he could afford the payment.
- in foreclosure to be sold 4/6
- This is a prop that he sold owner financed, so he can't afford his home note and this investment note.

My question is:  Will the bank reconsider a shortsale??  Is all hope lost here??

Thanks for the comments,

TJ Carter
Ft. Worth
817.692.8661

[David Alexander]

Is the Owner financed note on the house performing....

???

Or did he get it back and then got behind.....  ??

What shape is the house in... ?? Repairs... ???
Who is the lender.... ???
What is the value of the house... ??
How many other houses are for sale in the same area... ??
What are the days on the market... ??

What are the payments... ??
How much is reinstatement... ??
What is the interest rate on the loan... ??

Yes, you could possibly still do a short sale....
You'd have to act fast....

You'd also, need an exit with Cash...

David Alexander

[TJ]

The owner going into foreclosure tried to sell it owner financed, his mortgage note is with a traditional lender.  It is a relatively new home (2000) which needs the carpet replaced.  I found out that he's tried a short sale before and the bank wouldn't deal because he doesn't have a hardship b/c he still has a job.  I don't think I'm going to waste too much more time on this effort.

Thanks for the response,

TJ

[vic]

Ask for the loss mitigation dept.  Usually they want the seller to fill out a short sale application. Once the application is filled out submit your contract with the requested items.  I put in my contracts "The seller is to receve not propeeds nor have any out of pocket cost.  and "This offer is subject to lender agreeing to accept---------- for the release of their --- deed of trust.

Each situation and lender is a little different.