How much do banks come off loan?

[ruready]

Example: I found two houses that a woman with terminal cancer will go be  fclosed  Nov 30th. She said she would be glad for me to short sale them so she wont lose them. One value is 89,00 and she owes 70,000. The other condo is worth 54,000 and she owes 30,000. I have never done this before so how much can I expect bank to come off loans? Thanks  I am getting paperwork ready from homeowner now to call bank tomorrow so any help is appreciated. Is it all up to bpo??

[drome8]

short sell them so she wont lose them?  Looks like she will lose them either way.

[ruready]

I know but if I ss them it wont be on her record that she foreclosed and it seems very important to her. I wanted to know what they might come off of say 70. bal on one and 30, bal on other. I was trying to her myself if they were good investments also. Thanks

[MichaelQuarles]

Why SS them?  They look like deals without the need... Sub 2 them and modify the loan...

BTW be careful that you arent charged with elder abuse... Make certain she has a witness to the transactions... And it is perfectly fine for you to tell her that you need a friend or relative of hers to sign off on everything...If you dont feel comfortable buying them if someone else knows then you shouldnt buy them..

[LyonelK]

Just an opinion, It sounds like she is not in a short sale position. Not only that, but you would be doing her a great service to help her get some money out of it if she is going to be foreclosed anyways.

[ruready]

Just an opinion, It sounds like she is not in a short sale position. Not only that, but you would be doing her a great service to help her get some money out of it if she is going to be foreclosed anyways.
 
 
 
Why wouldnt she be in a ss position if she was 2-3 payments behind.  If she has any 2nd mrtges all they all being wiped out??

[LyonelK]

A short sale does not have to do with being behind on payments... is has to do with owing more on a home than it is worth and then selling it for current market value and the lender taking a loss.

[smitnlit]

Interesting.  I don't ever look at it as what will they take off the mortgage.  I always look at what it might go for at auction and then offer 50-$75,000 less.  Bank may say no or counter, but then I have lots of wiggle room