Click Here For The Special Offer
Search REIClub Website
Site Navigation
Investor Information
Home
Investing Newsletter
Real Estate Articles
Success Stories
Real Estate Blog
Free Books, Audios
Recommended Books
Investing Glossary
Investing Abbreviations
Real Estate Products
No Risk Guarantee
Best Sellers
All Investing Products
Real Estate Courses
Real Estate Books
Real Estate Ebooks
Real Estate Seminars
Real Estate Games
Special Offers
Investor Resources
Hard Money Lenders
Real Estate Clubs
Proof of Funds Letter
Property Value Reports
Business Tools
Cashflow Clubs
Tax Appraisal Districts
State Property Codes
Newsgroup Forums
Beginners, Carlton Sheets
Bird Dogs, Wholesaling
Foreclosures, Short Sales
Sub2, Lease Options
Rehabbing, Landlording
Financing, Hard Money
Asset Protection, Legal
Commercial, Mobile Homes
Real Estate Marketing
Random Ramblings
Site Information
About Us
Advertise on REIClub
Contact REIClub
Link to REIClub
Great Shopping Cart
For Your Website
Click Here Now!
--------------------------
Proof of Funds Letter
Immediate Download
Click Here Now!
Welcome,
Guest
. Please
login
or
register
.
Did you miss your
activation email?
March 21, 2010, 04:40:00 AM
Free Newsletter
Subscribe today and get
four free bonus gifts!
Name:
Email:
Click Here to Register for the Discussion Forums
Real Estate Investing Forums
|
Real Estate Investing
|
Foreclosures, Short Sales, Tax Foreclosures, Tax Liens Forum
(Moderators:
$Cash$
,
Bluemoon06
,
kdhastedt
,
Mdhaas
,
propertymanager
,
fadi
) | Topic:
How much do banks come off loan?
« previous
next »
Pages:
[
1
]
Author
Topic: How much do banks come off loan? (Read 594 times)
ruready
Member
Offline
Posts: 224
How much do banks come off loan?
«
on:
November 19, 2009, 07:37:01 PM »
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??
Report to moderator
Logged
drome8
Member
Offline
Posts: 27
Re: How much do banks come off loan?
«
Reply #1 on:
November 20, 2009, 07:01:50 AM »
short sell them so she wont lose them? Looks like she will lose them either way.
Report to moderator
Logged
ruready
Member
Offline
Posts: 224
Re: How much do banks come off loan?
«
Reply #2 on:
November 20, 2009, 10:37:35 AM »
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
Report to moderator
Logged
MichaelQuarles
Member
Offline
Posts: 1194
Re: How much do banks come off loan?
«
Reply #3 on:
November 20, 2009, 03:04:50 PM »
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..
Report to moderator
Logged
Free weekly real estate Q&A Conference Call
www.REIMentor.Us/Conference_Call.html
I offer a Do Deals Together hands on Mentoring Program covering Sub2, Short Sales, Free and Clear, Seller Finance and Option purchases. I also have available 90 Real Estate Forms, 70 investor letters, and Courses.
LyonelK
Member
Offline
Posts: 61
Re: How much do banks come off loan?
«
Reply #4 on:
November 20, 2009, 03:11:41 PM »
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.
Report to moderator
Logged
ruready
Member
Offline
Posts: 224
Re: How much do banks come off loan?
«
Reply #5 on:
November 22, 2009, 06:08:02 PM »
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??
Report to moderator
Logged
LyonelK
Member
Offline
Posts: 61
Re: How much do banks come off loan?
«
Reply #6 on:
November 22, 2009, 07:58:15 PM »
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.
Report to moderator
Logged
smitnlit
Member
Offline
Posts: 16
Re: How much do banks come off loan?
«
Reply #7 on:
November 28, 2009, 05:02:09 PM »
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
Report to moderator
Logged
Pages:
[
1
]
Real Estate Investing Forums
|
Real Estate Investing
|
Foreclosures, Short Sales, Tax Foreclosures, Tax Liens Forum
(Moderators:
$Cash$
,
Bluemoon06
,
kdhastedt
,
Mdhaas
,
propertymanager
,
fadi
) | Topic:
How much do banks come off loan?
« previous
next »
Jump to:
Please select a destination:
-----------------------------
Real Estate Investing
-----------------------------
=> Carlton Sheets, Beginners, Courses, Gurus, General Forum
=> Bird Dogs, Wholesaling, Flipping Properties Forum
=> Foreclosures, Short Sales, Tax Foreclosures, Tax Liens Forum
=> Sub2, Owner Finance, Options, Lease Options Forum
=> Rehabbing, Landlording Forum
=> Financing, Hard Money Lenders, Credit, Qualifying
=> Asset Protection, Legal and Contract Issues, Income Taxes, 1031 Exchanges
=> Commercial, Mobile Homes, Self Storage, Notes, Land Forum
=> Marketing Forum
=> Random Ramblings
1 Hour
1 Day
1 Week
1 Month
Forever
Login with username, password and session length
Powered by SMF 1.1.8
|
SMF © 2006-2010, Simple Machines LLC
Loading...
Anti-Spam Policy
|
Compensation Disclosure
|
DMCA Notice
|
Earnings Disclaimer
|
External Links Policy
|
Privacy Policy
|
Terms And Conditions
|
View Cart
©2002-2010 All Rights Reserved. REIClub.com