just got a VM from HO, they want to refinance..need to call back in an hour!

[green queen]

ho hard feelings cherd.

TG

[satarnag]

It sounds to me like they want to stay where they are - if you get into this deal - you may think of renting back to this couple.

I can't imagine kicking them out of their home if they really to want to stay since they are looking at all options of staying. Where will they go? Will you make sure they have a place? rent money? deposits? food?

You can't just take the house and move them out and you make some money.

With bankruptcy - at least they keep their home.

Also, banks do not like to foreclose and will do almost anything to avoid it - so she should call the bank herself and try to work something out. Watch who's business you get into - if you do something wrong or they feel YOU lost their house - well they might be pretty mad.

Maybe you should pass on this deal and look for one that is more staight forward. You don't have to make deal on every person that calls you. You must weigh each situation and see if its WORTH your getting into - time, money and hassle.

One of my friends does the following when there is at least 100k in equity but they can't refinance (he passes on the stuff that has no equity to me). He gets the deed from them and refinances with his own credit and pulls out cash. He then does a lease purchase option with the owners. It's a win-win situation for everyone.

Regards

[ryanpal]

Ok guys, I finally received a signed authorization to release form.  What is the next step?

...here are some questions that i've come up with

-I should fax this to whom at the bank?  
-What should the attached letter say?  
-Once I've sent it, should I followup to make sure they received it?
-Once I confirm they've received it, what do I speak & ask the bank?

thanks!
ryan