PLEASE HELP ASAP!!!
I am currently dealing with a homeowner who has already lost her property into foreclosure. She has 8 months left of her redemption period to try and sell her home. The house is worth 300,000. She owes 179,000. Leaving 121,000 in equity. My question is, am I still able to short sale in this situation?
All I want to know is if I can attempt it.
Can you short sale a Property during a Redemption period?
PLEASE HELP ASAP!!!
Some banks will entertain a short sale in the redemption period. As a matter of fact, a majority of the short sale I do are in the redemption period. The problem you may have with your deal is that there is a lot of equity in the property and the bank may feel that they are in a good position and my not want to short at all.
I think there’s a better way to work this type of deal.
Short Sale Mike
Thanks for responding so quick! You said that you can think of a better way to handle this deal. Can you please share it with me? I would love you forever! ;D
I have two other questions in regards to this transaction.
She said that she has an equity loan judgement for 53,000 against her, so that would have to be paid as well. That will leave about 68,000.
Can I simply deal with her in regard to her equity?
I believe that I can still make a good profit and help her out of a very bad situation. Apparently she is self employed and on the verge of bankruptcy. She has a ton of credit card debt and this judgement against her. She even almost lost another house that she is planning on moving into. She was able to come up with the money to pull it out of foreclosure. She is just hoping to get something out of this in a positive manner.
You sound like quite an expert. What would you do? I would be very greatful to you! :-*
Any secondary liens or judgements, you should be able to get reduced from what I understand. Everything is negotiable, including IRS liens as well. Do you know if judgement is against her or attached to her house??? CC companies will take less than what is owed if ou point out to them the owner is in foreclsoure and they are going to lose out. You will need to talk to them 1 by 1 if you really want to help the homeowner. good luck!