Yes thats right she only has 2 days left until the sheriff sale is there anyway that I can get the sale date pushed out so I can have more time to work on this deal
she is motivated but she wants to see what I can do to help her stay in her house but I told her I can just short sale it to the bank and give her money to help with her moving cost she agreed so what now
I apologize if I offended you with my reply, as that was not my intention. What i WAS trying to do was help you see how things will most likely work out.
I, just like you, am not a “money hungry investor”. With that said, there is no way that you can help everybody. Im sorry to say that, but the facts are facts.
Now, I don’t know what legwork you have done previous to this, but starting from first gear and stopping the foreclosure in 2 days is highly unlikely. Not saying that it can’t be done, but it’s unlikely. If you bought the house cash within the next 48 hours you COULD stop the foreclosure. But since you said it would be a short sale that means the house is upside down, so you can’t do that.
Now, lets assume, by some unforeseen power you do stop the foreclosure. How can you keep the owner in the house? Please don’t tell me a sale-leaseback ???
SO, it is great that you want to help. That makes two of us. So we are both in the business of helping-but remember, it is still a business. If you are not looking to get any compensation for your service then disregard this whole post, as it doesn’t apply to you.
If your only goal is to help them, then just take out a loan in your name for the amount that the owner owes, and give it to them. PROBLEM SOLVED.
But really I will let you know how it pans out
I want to see if the bank will push out the date for the foreclosure first and then if possible do a loan modification.
Since she does want to stay in the property and then if they don’t do that my last resort is a short sale and to my understanding I thought the mortgage company doesn’t want the homeowner to benefit from a short sale in anyway so they wouldn’t be able to stay in the house or do a sale lease back.
Who is the bank? Chase=NO, CITI=sometimes, wells fargo, countrywide=sometimes. AMC=No, liton, small banks,normally no unless they are majorly upside down on their mortgage. I have had banks so no 10 days before the auction and had them say YEs with 1 day left. Crazy, not sure why other then the reasons stated above, but always try everytime, sometimes it will work, but not always! What’s to loose anyways, a couple hours of work?
I'm not frettin at all if I can help one person save there house or there credit then I will work until the end.
I’m not a money hungry investor, I’m here to help.
I am happy to read that. We do not need anymore “money hungry investors” for sure. I really hope you keep your inspiring attitude toward helping others. Pat on the back from me.
But, the problem will show after a little time. You will soon learn that helping others in pre-foreclose is very time consuming. I hope you can keep it up, but most investors can’t keep doing it for nothing - just to help. It won’t work in the long run. Seen it way too much.
Stopping a sale in 2 days is extremely difficult. Not impossible, but darn close.
If one has the sellers information, that is letter of hardship and other information needed to start bank nagotiations, the bank/MCo. will in some cases halt the foreclosure. Is this not true??
I have personally never had a bank stop a sale with just the above info, especially at the last moment. But banks stop them all the time within days of the sale with at least… a Sales Contract, HUD1 and proof of funds/pre-approval letter from the buyer. But once again, there are numerous reasons why they will and why they won’t. Management has to approve postponing the sale, not the reps on the phone. You got to present a solid case.
Do they have all the required info and a sales agreement and hud 1 or net from you already? Who’s the mortgage company? If so just ask them to stop it. Tell them you can close quick and you know what you are doing. Tell them all the negative stuff about the house so they think maybe…hummmm…what if no one buy’s it at the auction…may not work … but some basic ideas to brainstorm off of…try other things also…these are just basic ideas