I have a meeting set up for Sat., don’t know many details yet…but I do know they are 1 payment behind and are not going to be able to make it back up. Plus they are planning on leaving the country.
So…Do you think I will be able to build some equity by doing a Short on this? (being only 1 payment behind).
There isn’t much equity being its only about 1 year old. Hoping for a 2nd mortgage, but doubtbul. Off to research the details, but curious about the above question.
After talking to them, they are hitting (may 1st) being 90days late…the bank is starting to call them.
We have made contact with the bank and have a contact who we will need to talk to on Monday or Tuesday. They seem to be willing to talk, but the CSR we talked to didn’t know much about it.
Its still a 50/50 shot, but we’ve got most of the paper work that we know of complete and ready to fax them the basic SS package…depending on what they need we will go get additional info.
Being our 1st one, its scary/exciting but a great learning process.
In my opinion, short sales are a pain the butt. The seller gets 1099’d for Debt-Relief (paying thousands to the IRS which could easily have gone to you instead) and decimates his future credit. The lender gets shorted; you could probably have bought any other house for the same price after all is said and done. And you still have to come up with cash for the DP and closing costs along with perfect credit.
So where’s the bargain?
And then, by the time the bank’s approval committee gets through screwing around in Legal and Administration, the buyer has probably gone elsewhere and the property is worth less than it was before the whole thing started.
