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Author Topic: Will this short sale strategy work?  (Read 1775 times)

Offline baldyguy

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Will this short sale strategy work?
« on: November 19, 2006, 01:21:28 pm »
I have a homeowner who has been having trouble with ASC. The 1st and the 2nd is with ASC. She is in default because for some reason ASC has not received her payments. She has been having alot of headaches with ASC and is willing to do a short sale, and she wants to stay in the house. The homeowner has no problem paying the mortgage payments.

The total balanced owed is $295K and the CMA's show around $220K.

My question is, is it possible for me to do a shorts sale where I come in pay off the 2nd (discounted price), Sub2 on the first, double close then sell the homeowner's house to her sister?

Her sister is not on the current loan.

Now since I will be out of it after it closes. Between the homeowner and her sister, the homeowner will pay her sister's mortgage. Then later down the line, can the sister deed the house back to the homeowner?

Offline kikaider69

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Re:Will this short sale strategy work?
« Reply #1 on: November 21, 2006, 02:02:15 pm »
I think what you want to do is admirable, but might be illegal. I am still working on my first deal, but from what I understand, other family cant get involved.  If the bank gets wind of this, lets just say CYA is not enough.  
noob investor in florida
Steven Oki

 




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